Sanlam Personal Loan
Flexible loan terms up to 84 months, borrow up to R350,000 at a fixed rate, fast approval. Earn up to 10% of your loan amount back in rewards.
Sanlam’s Personal Loan is designed to suit a range of financial needs for South Africans seeking flexibility and reliability. Applicants can request any amount from R5,000 to R350,000 with repayment terms stretching from 12 up to 84 months. The interest rate is fixed for the duration of your loan and can range from 16% to 27.75%, depending on your credit profile. For example, a R50,000 loan at a 24.5% annual rate over six years would total R102,085.93. Additional fees include an initiation fee and a monthly admin fee, both clearly stated upfront.
How to Apply
- Decide how much you need, from R5,000 up to R350,000.
- Select your preferred repayment period, from 12 to 84 months.
- Gather your South African ID, proof of address, and three months’ bank statements.
- Complete the online application or speak to a Sanlam expert.
- Once approved, funds may be deposited within 24 hours after document submission.
Key Advantages
One notable benefit is that borrowers can earn up to 10% of their loan amount back via Wealth Bonus rewards, at no extra cost. This feature sets Sanlam apart from some competitors.
Additionally, the loan is unsecured, so there’s no need for collateral. Approval can be swift with fast payouts, sometimes within 24 hours after submitting documents.
Potential Drawbacks
On the downside, your interest rate is based on your individual risk profile. Applicants with lower credit scores may be offered a higher rate within the range.
Another consideration is that, while rewards are tempting, they can be lost if you cancel the loan early or if the market underperforms, since the Wealth Bonus is tied to investment performance.
Verdict
Sanlam Personal Loan is versatile and is a good fit for anyone looking for a blend of flexibility, transparent costs and added rewards. Applicants benefit from responsible lending criteria and fast access to funds.
