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<!--SAIIM V1.0 (22-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-03-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Schedule_Of_Analysts_Or_Institutional_Investors_Meeting/2026-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Schedule_Of_Analysts_Or_Institutional_Investors_Meeting/2026-03-31/in-capmkt-roles" 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/2026-03-31/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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-03-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">541988</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-02</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">AAVAS</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Aavas Financiers Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">541988</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE216P01012</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:PurposeOfDisclosure contextRef="MainI">Transcripts - earnings or quarterly calls</in-capmkt:PurposeOfDisclosure><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with respect to our intimation dated October 13, 2026 bearing ref. no. AAVAS/SEC/2026-27/3317, please find enclosed the transcript of the Earnings Call on the Financial and Operational performance of the Company for the quarter and half year ended September 30, 2026 held on Monday, October 26, 2026. &lt;br /&gt; 
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The above information is also available on the website of the Company and can be accessed at  https://www.aavas.in/investor-relations/investor-intimation.  &lt;br /&gt; 
</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-11-02</in-capmkt:DateOfReport><in-capmkt:DateOfCallForTranscriptsOfEarningsOrQuarterlyCalls contextRef="MainI">2026-10-26</in-capmkt:DateOfCallForTranscriptsOfEarningsOrQuarterlyCalls><in-capmkt:TimeOfConclusionOfCallForTranscriptsOfEarningsOrQuarterlyCalls contextRef="MainI">19:37:00</in-capmkt:TimeOfConclusionOfCallForTranscriptsOfEarningsOrQuarterlyCalls><in-capmkt:DateOfDisclosureOfPriorIntimationOfEarningsOrQuarterlyCallsToTheExchange contextRef="MainI">2026-10-13</in-capmkt:DateOfDisclosureOfPriorIntimationOfEarningsOrQuarterlyCallsToTheExchange><in-capmkt:DateOfTranscriptsUploadedOnWebsiteOfTheCompany contextRef="MainI">2026-11-02</in-capmkt:DateOfTranscriptsUploadedOnWebsiteOfTheCompany><in-capmkt:TimeOfTranscriptsUploadedOnWebsiteOfTheCompany contextRef="MainI">11:53:00</in-capmkt:TimeOfTranscriptsUploadedOnWebsiteOfTheCompany><in-capmkt:WeblinkOfTranscripts contextRef="MainI">https://www.aavas.in/investor-relations/investor-intimation</in-capmkt:WeblinkOfTranscripts></xbrli:xbrl>