IIFL Finance Limited

IIFL Finance Limited

IIFL Finance Limited is a Systemically Important Non-Banking Financial Company not accepting public deposits (“NBFC-ND-SI”) registered with the Reserve Bank of India (“the RBI”) and is primarily engaged in financing and related activities. IIFL Finance is primarily engaged in the gold finance business and has other subsidiaries for other lending products.


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NameIssue SizeMaturityCoupon
IIFL Finance LimitedCRISIL AAINE866I0829515.45Cr07 Feb 202910.50 %
IIFL Finance LimitedCRISIL AAINE866I0827931.02Cr07 Feb 202910.00 %
IIFL Finance LimitedCRISIL AAINE866I0830325.93Cr06 Jun 202510.00 %
IIFL Finance LimitedCRISIL AAINE530B08094274.69Cr24 Jun 202810.00 %
IIFL Finance LimitedCRISIL AAINE530B08136235.00Cr26 Jul 20329.65 %
IIFL Finance LimitedCRISIL AAINE530B08102328.02Cr24 Jun 20289.60 %
IIFL Finance LimitedCRISIL AAINE530B07401500.00Cr20 Mar 20279.50 %
IIFL Finance LimitedCRISIL AAINE530B07237550.00Cr01 Nov 20329.45 %
IIFL Finance LimitedCRISIL AAINE530B0814465.00Cr27 Dec 20329.45 %
IIFL Finance LimitedCRISIL AAINE530B08128200.00Cr24 Mar 20329.35 %
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History and Promoter

The company was incorporated at Mumbai on October 18, 1995, as a private limited company with the name Probity Research & Services Private Limited. The status of the company was changed to a public limited company and name was changed to ‘Probity Research & Services Limited’. The name of the Company was subsequently changed to ‘IIFL Holdings Limited’ on February 18, 2014. Thereafter, the name of the Company was changed to ‘IIFL Finance Limited’ on May 24, 2019.
IIFL holdings had three business verticals – Lending (IIFL Finance), Brokerage (IIFL Securities) and Wealth Management (IIFL Wealth Management). In order to grow them independently, the group demerged all the entities and listed them separately in 2019.
The group is promoted by Mr. Nirmal Jain and Mr. Rajamani Venkataraman, As of 31st March 2023, promoters group hold 24.90% stake in IIFL Finance.

Current Management



CEO/Managing Director Mr Nirmal Jain
Company Secretary & Chief Compliance Officer Ms Sneha Patwardhan
Chief Financial OfficerMr Kapish Jain
Chief Risk OfficerMr Sanjeev Srivastava

Board Constitution of IIFL Finance Limited








Mr Nirmal JainFounder & MDPGDM from IIM Ahmedabad,
Chartered Accountant and Cost Accountant


Mr R. VenkataramanCo-promoter and Joint Managing Director PGDM from IIM, Bangalore and B.tech from IIT Kharagpur


Mr Chandran RatnaswamiNon-Executive DirectorMBA and B.tech(Civil) from IIT Madras


Mr Arun Kumar PurwarChairman & Independent DirectorMBA(Finance)


Mr Vijay Kumar ChopraIndependent DirectorChartered Accountant


Mr Nilesh VikamseyIndependent DirectorChartered Accountant


Ms Geeta MathurIndependent DirectorChartered Accountant


Mr Ramakrishnan SubramanianIndependent DirectorChartered Accountant, Cost Accountant and Master’s in Commerce

Geographical Presence

IIFL Finance Limited has a wide geographical presence across India. It operates through a network of 4,267 branches spread across Tier I/II and  Tier III cities across the country ensuring accessibility to a wide customer base.

Products offered by IIFL Finance

Over the past several years, the group has diversified its products and expanded its presence into segments that are of greater relevance to the evolving business environment and customer demand trends. In Fiscal 2021, the group completed the sale of its commercial vehicles’ financing business as a going concern to focus on scaling up existing business segments of Affordable Home Loans, Gold Loans, Business Loans and Microfinance. Group’s core product offering is detailed below:

  • Home Loan: includes financing for purchase of flats, construction of houses, extension and for improvement in the flats/homes.
  • Business Loan: includes loans against property and small and medium enterprise financing. Loan against property (LAP) is availed for working capital requirements, business use or acquisition of new commercial property. In the medium and small enterprise financing segment (MSME),the company provides working capital finance to small business owners. The company offers small ticket loans, thereby being able to meet the needs of small-scale businesses including standalone shops etc.
  • Gold Loan: includes financing against security of mainly used gold ornaments. The company offers loans against gold to small businessmen, vendors, traders, farmers, and salaried people for their personal needs as well as for working capital needs.
  • Microfinance Loan: includes credit support mainly to women, who have either limited or no access to formal banking channels. The company provides financial services to the economically weaker sections of society with an aim to bring microfinance services to the doorstep of the rural and semi-urban BoP (Bottom of Pyramid) families in India.

IIFL Finance’s Credit Rating of Past 3 Years

Rating for the past 3 years:

Rating Agency                        InstrumentFinancial Year 2023Financial Year 2022Financial Year 2021


Bank Loan


Long Term Debentures‘CRISIL AA/Stable‘CRISIL AA/Stable‘CRISIL AA/Stable 


Bank Loan


‘CARE AA/Stable‘CARE AA/Stable’ ‘CARE AA/Negative
Long Term Debentures‘CARE AA/Stable‘CARE AA/Stable’ ‘CARE AA/Negative


Bank Loan


‘ICRA AA/Stable‘ICRA AA/Stable’ ‘ICRA AA/Negative’
Long Term Debentures‘ICRA AA/Stable‘ICRA AA/Stable’ ‘ICRA AA/Negative’

Brief Financials for the Last 3 Years: (Standalone)

(In ₹Crore)



Financial Year 2023

Financial Year 2022

  Financial Year 2021





2Net Worth




3Total Borrowings




4Profit After Tax




5Gross Non-performing Asset




6Net Non-Performing Asset




7Leverage Ratio




Advantages of IIFL Finance Limited

  1. Company is the third largest gold loan NBFC in India after Muthoot Finance and Manappuram Finance.
  2. Diversified portfolio at group level (Gold, Housing Finance, Microfinance) and at the standalone level majority of the portfolio is backed by gold which is highly liquid.
  3. Stable portfolio quality – Gross NPA stood at 1.29% and Net NPA at 0.64%.

Disadvantages of IIFL Finance Limited

  1. High group level leverage – Group level leverage is at ~5.76x (including off-balance sheet assets and on adjusted net worth).
  2. Real estate exposure –  In the housing finance business, the company has significant exposure to the real estate sector and any negative trends affecting this sector could adversely affect its business and operations.

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