Is BIG LOANS a bank or NBFC?

No. BIG LOANS is a debt advisory and loan facilitation firm. We are not an RBI-regulated lender and do not lend on our own balance sheet.

What is the minimum and maximum ticket size BIG LOANS handles?

Our focus is ₹100 crore and above. We routinely arrange transactions up to several thousand crore through syndication.

Which industries does BIG LOANS serve?

BIG LOANS is industry-agnostic across manufacturing, real estate, infrastructure, healthcare, energy, IT/ITES, hospitality, NBFC, fintech and more.

What is the typical timeline from mandate to disbursement?

Typically 6–12 weeks for working capital, 10–16 weeks for term loans, and 12–24 weeks for syndicated project finance.

How does BIG LOANS charge its fees?

A modest engagement retainer plus a success fee linked to actual disbursement, governed by a written engagement letter.

Does BIG LOANS guarantee loan sanction?

No. Sanction is the sole prerogative of the regulated lender, based on its credit policy.

Service · NCD & Bonds

NCD placement, capital from the bond market.

Private placement of Non-Convertible Debentures (NCDs) and Market-Linked Debentures (MLDs) to mutual funds, insurance companies, AIFs and family offices. Listed and unlisted, secured and unsecured, INR-denominated. ₹250 Cr to ₹2,500 Cr+ placements.

Ticket: ₹250 – 2,500 Cr+Tenor: 1 – 10 yearsMin rating: AA-

Discuss your mandate → See the process

What is an NCD?

Non-Convertible Debenture (NCD) is a debt instrument issued by a company to raise capital from the bond market, without giving investors the right to convert to equity. Indian NCDs are SEBI-regulated under ICDR 2018, and can be issued via private placement (to 200 or fewer investors per SEBI rules) or public issue (mass-market retail). NCDs may be secured (with a charge on assets) or unsecured; listed (on BSE/NSE wholesale debt market) or unlisted. Tenor typically 1-10 years, paying fixed or floating coupons. Investors: mutual funds, insurance companies, AIFs, family offices, and HNIs.

Section 01 — Overview

Bond market debt, structured around investor appetite.

For borrowers seeking capital outside the bank syndication route, the NCD market offers diversification, often longer tenor, and access to non-bank institutional investors. For investors (especially mutual funds and insurance), NCDs provide tradable fixed-income exposure with better yield than government bonds.

BIG LOANS structures and places NCDs across rating bands (AA- to AAA), tenor profiles (1 to 10 years), and security structures (secured / unsecured / structured). We work with merchant bankers / arrangers on the issue process: rating, listing (if applicable), and book-building.

Private placement: up to 200 investors per SEBI rules; no prospectus needed (only IM)
Public issue: prospectus, mass-market retail, longer process (4-6 months)
Secured NCDs: backed by mortgage of property + hypothecation of receivables
Listed NCDs: traded on BSE/NSE wholesale debt market — better liquidity, lower coupon
Credit rating mandatory (CRISIL, ICRA, CARE, India Ratings) — typically AA- minimum for institutional appetite

Typical ticket

₹250 – 2,500 Cr+

Tenor

1 – 10 years

Min rating

AA-

Coupon

Govt yield + 100–400 bps

Listing

BSE / NSE WDM

Timeline

8 – 14 weeks

Section 02 — Use cases

When NCD beats a bank loan.

Six common situations where issuers approach BIG LOANS for NCD placement.

Bullet repayment structure

Borrower wants no amortisation during tenor — full principal repaid at maturity. Banks resist; bond market accepts as standard.

Diversification beyond banks

Existing bank lines tapped to limit; mutual fund / insurance market provides incremental capacity.

Longer-tenor capex finance

Insurance and pension funds happy with 7-10 year tenor — banks rarely go beyond 5-7 years for vanilla term loans.

Refinance of bank debt

Refinance higher-cost bank term loans into lower-cost NCDs, especially for AA+ / AAA rated borrowers.

NBFCs raising on-lending capital

NBFC issuers tap NCD market regularly — primary source of capital for them, more efficient than bank funding.

Structured / Market-Linked Debentures (MLDs)

Coupon linked to NIFTY, SENSEX, sector index. Mostly retail-aimed; specific tax treatment under Sec 115AD pre-FY26.

Section 03 — At a glance

NCD vs bank term loan.

Feature	NCD	Bank Term Loan
Lender	20-200 institutional investors	1-10 bank lenders
Documentation	IM + Debenture Trust Deed	Loan agreement
Repayment structure	Bullet typical	Amortising typical
Pricing benchmark	G-sec / OIS + spread	MCLR / EBLR + spread
Prepayment	Restricted (per terms)	Generally permitted
Listing	Optional	Not applicable

NCDs are placed privately with institutional investors — mutual funds, insurers, AIFs, family offices.

Section 04 — Our process

How NCD placement closes.

Typical 8 – 14 weeks. The rating process is often the longest step; the actual book-build can close in days for a rated issue.

Issuance structuring

Tenor, coupon type, security structure, listing decision, rating agency selection. Investor strategy.

Week 1 – 2

Rating

Rating agency mandate, due diligence visit, rating committee meeting, indicative rating, surveillance contract.

Week 2 – 6

IM + Debenture Trust Deed

Information Memorandum, Debenture Trust Deed, debenture trustee appointment, security trust agreement (if secured).

Week 6 – 9

Investor outreach + book-build

IM to 30-100 institutional investors. Book opens, bids received, allotment decided.

Week 9 – 12

Listing + drawdown

NCDs allotted, listed on BSE/NSE WDM (if applicable), subscription monies received. Drawdown.

Week 12 – 14

Section 05 — Documents

NCD documentation.

NCD documentation follows SEBI ICDR format. Standard borrower docs + bond-market-specific instruments.

Standard borrower docs

3 years audited, MOA/AOA, board + shareholder resolutions for issue, KYC, projected financials.

NCD-specific

Information Memorandum (SEBI ICDR format), Debenture Trust Deed, debenture trustee agreement.

Rating

Rating rationale, surveillance contract, prior rating history (if applicable), peer comparison documentation.

Listing (if listed)

Listing agreement with BSE/NSE, in-principle approval letter, listing application, post-listing compliance.

Section 06 — Lender universe

Who buys NCDs in India.

NCDs are bought by institutional investors — mutual funds being the largest segment, followed by insurance, AIFs, family offices, and (in public issues) retail.

01Mutual Funds (debt funds — primary buyers)

02Insurance Companies (LIC, HDFC Life, SBI Life)

03AIF Cat-II Credit Funds

04Family Offices & HNIs

05Banks (treasury investment, smaller share)

06Pension Funds (long-tenor, AAA-rated only)

Section 07 — FAQ

NCD & bonds — FAQs.

What is the minimum rating for institutional NCD placement?

AA- is the practical minimum for mutual fund / insurance investor appetite. Below AA-, the investor base narrows to AIFs and family offices. Below A, NCDs become hard to place except in distressed / special-situations form.

What is a Debenture Trustee?

A SEBI-registered debenture trustee appointed by the issuer to act on behalf of all NCD holders — monitoring covenants, holding security on behalf of investors, calling enforcement if defaults occur. Mandatory for all NCD issues. Top DTs: Catalyst, IDBI Trusteeship, Beacon, IL&FS Trust.

Should I list the NCD?

Listed NCDs typically price 15-30 bps lower than unlisted because (a) institutional investors prefer liquidity, and (b) listed NCDs qualify for lower regulatory capital weights for some investors. Listing cost is ~₹5-10 lakh + SEBI fees. Worth it for ₹250 Cr+ issues.

Can NCDs be unsecured?

Yes — but unsecured NCDs require higher rating (typically AA+ or AAA) and price 50-150 bps higher than secured equivalents. NBFCs and large rated corporates issue both secured and unsecured tranches simultaneously.

What is a Market-Linked Debenture (MLD)?

MLDs have coupons linked to a market parameter (NIFTY, SENSEX, sectoral index, G-sec yield, etc.) rather than fixed. Pre-FY26 they had favourable tax treatment (10% LTCG after 1 yr). Post-FY26 Budget changes have largely eliminated the tax arbitrage; MLD issuance has dropped sharply.

NCD vs ECB — which is cheaper?

Depends on currency / hedging. Rupee NCD for AA-rated borrower: ~9-11% all-in. USD ECB for same borrower: SOFR + 250 bps ≈ 7.5% in USD, plus 250 bps hedging → ~10% in rupee equivalent. Very close; ECB wins for natural-hedge borrowers, NCD wins for purely-rupee borrowers.

Often combined with…

Considering the bond market?

Let's structure your NCD issuance.

Share end-use and indicative ticket. We respond with structure, indicative rating estimate and investor strategy within one working day.

Discuss your mandate → mandates@bigloans.in

Core Lending

Asset-Backed

Specialty & Markets

NCD placement, capital from the bond market.

What is an NCD?

Bond market debt, structured around investor appetite.

When NCD beats a bank loan.

Bullet repayment structure

Diversification beyond banks

Longer-tenor capex finance

Refinance of bank debt

NBFCs raising on-lending capital

Structured / Market-Linked Debentures (MLDs)

NCD vs bank term loan.

How NCD placement closes.

Issuance structuring

Rating

IM + Debenture Trust Deed

Investor outreach + book-build

Listing + drawdown

NCD documentation.

Standard borrower docs

NCD-specific

Rating

Listing (if listed)

Who buys NCDs in India.

NCD & bonds — FAQs.

Often combined with…

Let's structure your NCD issuance.