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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Changes_In_Management/2025-11-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-11-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">ARMANFIN</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-16</xbrli:startDate><xbrli:endDate>2026-10-16</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">ARMANFIN</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-16</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">ARMANFIN</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-16</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">ARMANFIN</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-16</xbrli:startDate><xbrli:endDate>2026-10-16</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">ARMANFIN</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">ARMAN FINANCIAL SERVICES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">531179</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE109C01017</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">false</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:NameOfEntityForWhichTheDisclosureIsFiled contextRef="MainD">NAMRA FINANCE LIMITED</in-capmkt:NameOfEntityForWhichTheDisclosureIsFiled><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Subsidiary</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-10-16</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">18:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-10-16</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">CHIEF BUSINESS OFFICER</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Chandramouli Akkiraju</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-10-16</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Chandramouli Akkiraju holds a Master’s degree in Business Management from Andhra University and a certification in risk management from the Asian Institute of Management, Philippines. A dedicated and innovative professional, he brings over 25 years of experience in financial services. He has previously been associated with BASIX, KBS Local Area Bank, Belstar Financial Services,  Heritage Finlease Limited and Namra Finance Limited.
As Chief Operating Officer of Namra Finance Limited from 2017 to 2023, he oversaw the growth of the company’s microfinance AUM from approximately Rs. 90 crore to Rs. 1,500 crore and was instrumental in steering the company through the COVID-19 pandemic.
His work across domestic and international markets has given him valuable insight into cross-cultural customer behaviour and business opportunities. He has professional exposure of 22 states in India and 12 countries overseas, the majority of them in Africa. As a consultant, he successfully bid for two prestigious assignments: agricultural value chain financing with IFC in India, and Micro Lead Cameroon with UNCDF. He has also provided advisory services on agricultural value chain risk management to OIKO Credit’s subsidiary in India.
Mr. Chandramouli has now rejoined Namra Finance as Chief Business Officer, overseeing the company’s microfinance portfolio.</in-capmkt:BriefProfile></xbrli:xbrl>
