Binding data to dropdownlist

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MVC5

Hi guys ..... I need help binding data to dropdownlist. I did this earlier using Viewbag but our database has like huge records so viewbag is not working and showing out of memory exception. Can I get other way to bind huge amount of data to dropdownlist?

What I have tried:

public ActionResult Index()

        {
            ViewBag.TPA_IPD_ITEM_TPA_CODE = m.HISWEB_TPA_IPD_ITEM_SETUP.ToList();
           ViewBag.TPA_IPD_ITEM_TPA_CODE = new SelectList(m.HISWEB_TPA_IPD_ITEM_SETUP, "TPA_IPD_ITEM_TPA_CODE", "TPA_IPD_ITEM_TPA_CODE");

            return View();

<div class="form-group">
                @Html.LabelFor(model => model.TPA_IPD_ITEM_TPA_CODE, htmlAttributes: new { @class = "control-label col-md-2" })
                <div class="col-md-4">
                     @Html.DropDownList("TPA_IPD_ITEM_TPA_CODE", "Select")
                    @Html.ValidationMessageFor(model => model.TPA_IPD_ITEM_TPA_CODE, "", new { @class = "text-danger" })
                </div>
            </div>