Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Buying a new home requires a huge financial commitment, which makes it near impossible for many to fund it through savings. Therefore, funding it through alternative financing sources like a home loan is the next best option. However, still, you need to bring in a small percentage of property's value from your own pocket as a down payment.

And, with the rates of the property running into tens of lakhs or few crores, making the full down payment can also become unfeasible with savings.

In such scenarios, availing a personal loan for a down payment is the best course of action for you.

Benefits of Taking a Personal Loan for your Home Loan Down Payment

Flexible Repayment Terms

A personal loan duration ranges between 12-60 months and you get to decide on the tenure based on your repayment capability. You can use a personal loan EMI calculator to calculate your EMI and decide on your loan tenure.

The Flexi personal loan type allows you to pay interest-only EMIs initially and prepay the outstanding amount anytime before the tenor ends.

Quick Approval and Disbursal

Personal loan eligibility and criteria are simple and easy to meet. The loans are approved based on your employment status, income, and credit score. If you fulfill all the eligibility criteria and have a good credit score, you can get a personal loan credited to your account within 24-72 hours.

In many cases, financial institutions also facilitate online approval for their existing customers.

No Collateral Required

Since it is an unsecured loan type, you do not need to arrange for any collateral or guarantor to secure the loan. The loans are given based on your creditworthiness.

It Saves your Emergency Fund

Using your entire savings for making home down payment is not a wise decision as it will impact your financial security and is a risky proposition as well.

Therefore, availing a personal loan will help you to keep your savings for better use and manage your financial risks in a better way.


Do understand that since you will already have a home loan which would be reflected in your credit report, you may have to have high CIBIL scores in order to be eligible for the personal loan. Also, you may get a personal loan at slightly higher interest rates than usual. Taking an additional personal loan for home loan down payment will also affect your CIBIL score in the long term. It would be better to request a family member to apply on your behalf or opt for a co-applicant with no existing obligations and a good credit score.


Unlike any other category of loans, personal loans are quite versatile and can be used for many purposes. There are no end-use restrictions unless used in illegal transactions.

Though an expensive form of a loan, if used wisely and is disciplined with the EMI repayments, a personal loan can be very useful. And, using to make the home down payments will take you a step closer to your dream abode.

Check Personal Loan Rates  

12 Months60 Months

Your Calculated EMI*


Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations




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Customer Experiences

Mr. Mahendra Kothari

M/S Divya Textiles

I have had a very fulfilling experience with SMFG India Credit. Right from the time when I had taken the loan; to any information I required, the executives have always responded promptly and have resolved my queries.

Ms. Deepamala Gorwani

M/S Manan Agency

While taking a loan from SMFG India Credit, sales executive collected all the required documents in one go and I received the loan amount on time. This was quite contrary to my previous experiences of taking up loans from other companies.