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<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-05-28/in-capmkt" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="in-capmkt-ent-2025-05-28.xsd" xlink:type="simple"/>
    <xbrli:context id="MainI">
        <xbrli:entity>
            <xbrli:identifier scheme="https://www.nseindia.com/xbrl">USHAFIN</xbrli:identifier>
        </xbrli:entity>
        <xbrli:period>
            <xbrli:instant>2026-03-19</xbrli:instant>
        </xbrli:period>
    </xbrli:context>
    <in-capmkt:NSESymbol contextRef="xbrli:stringItemType">USHAFIN</in-capmkt:NSESymbol>
    <in-capmkt:NameOfTheCompany contextRef="xbrli:stringItemType">Usha Financial Services Limited</in-capmkt:NameOfTheCompany>
    <in-capmkt:SubjectOfAnnouncement contextRef="xbrli:stringItemType">Issue of Securities</in-capmkt:SubjectOfAnnouncement>
    <in-capmkt:DescriptionOfAnnouncement contextRef="xbrli:stringItemType">Usha Financial Services Limited has informed the Exchange about allotment of 1st tranche of unlisted 12% Secured Redeemable Non-Convertible Debentures (Series P).</in-capmkt:DescriptionOfAnnouncement>
    <in-capmkt:AttachmentURL contextRef="xbrli:anyURIItemType">https://nsearchives.nseindia.com/corporate/USHAFIN_19032026171408_Reg30_Disclosure_Allotment_of_NCD_Final.pdf</in-capmkt:AttachmentURL>
    <in-capmkt:DateAndTimeOfSubmission contextRef="xbrli:dateTimeItemType">2026-03-19 17:14:18</in-capmkt:DateAndTimeOfSubmission>
    <in-capmkt:CategoryOfAnnouncement contextRef="xbrli:stringItemType">Announcement</in-capmkt:CategoryOfAnnouncement>
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