In Bihar, as in other parts of India, you can find various types of lenders offering different financial products and services. Here are some of the different types of lenders you might come across:

Banks

Nationalised banks, private banks, and cooperative banks are common in Bihar. There are a wide range of banks providing effective loan services in Bihar, including big banks like HDFC Bank and ICICI Bank and local banks like Bihar State Co-operative Bank.

Non-Banking Financial Companies (NBFCs)

These are financial institutions that provide services similar to banks, such as loans and financial products, but they do not hold a banking license. Various NBFCs like Tata Capital and Shriram finance offer varied loan options in Bihar.

Microfinance Institutions

Bihar is one of the biggest markets for microfinance loans in India. These institutions, like Asirvad Microfinance and  Akhand Jyoti Microfinance, provide small loans, up to Rs. 5-10 lakhs, usually to people who lack access to traditional banking services. They focus on financial inclusion and providing credit to low-income individuals.

Regional Rural Banks (RRBs)

The RRBs are cooperative banks that operate in rural areas of India, including in and around Bihar. They are jointly owned by the central government, the state government, and a sponsor bank. One of largest RRBs in Bihar for loans is Bihari Gramin Bank, offering a wide range of loans at affordable interest rates.  

Credit Cooperatives

These are cooperative societies that provide financial services to their members. They offer several types of loans like agricultural loans, term loans, and more. The Bihar Co-operative Credit Society and Sahara Credit Cooperative Society are a few examples.

Online Lenders

With the advent of technology, online lenders have become increasingly popular in Bihar. These lenders provide loans through digital platforms, often with quicker processing times. Finnable is an instant online loan provider that offers loans of up to Rs. 10 lakhs throughout Bihar and rest of India.

Government Financial Institutions

Bihar, like other states in India, has specialised government financial institutions that offer loans and financial support for various sectors, such as agriculture, small businesses, and more. These institutions offer a large array of services and specialised loans in sectors like small business (SIDBI) and housing (NABARD).

Small Finance Banks

These banks are focused on providing financial services to underserved and unbanked segments of the population, including micro and small businesses, and low-income individuals. Some popular small finance banks offering loans in Bihar include AU Small Finance Bank and Suryoday Bank.

Retail Finance Companies

These companies offer loans for consumer goods, such as electronics and appliances, with easy repayment options. These include institutions like Capital India and Orange Retail Finance.

Government Loan Schemes: 

The government of Bihar offers several loan schemes in Bihar to support different segments of society, such as women, minorities, and economically disadvantaged individuals. Generally, government scheme loans have lower interest rates and more relaxed eligibility criteria than commercial loans. Stand-up India loan scheme and MUDRA Yojana are the popular options for Biharis looking for financing their small businesses. 

Note that many lending institutions in India can fall under multiple of the aforementioned categories due to the overlapping nature of their services. When choosing a lender, consider factors like interest rates, repayment terms, customer service, and the lender’s reputation. It’s important to read and understand the terms and conditions of any financial product before committing to it.