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Sanlam Personal Loan
Borrow up to R350,000 at a fixed rate. Flexible repayments up to 84 months. Earn up to 10% in Wealth Bonus. Stand a chance to win your dream car.
Sanlam’s Personal Loan offers up to R350,000 with fixed interest rates between 16% and 28%, depending on your credit profile. Repayment terms are flexible, allowing you to pay off your loan over 12 to 84 months. Clients can benefit from earning up to 10% of their loan value in Wealth Bonus rewards, making this offer even more attractive for South Africans seeking added value.
Initiation fees for the loan start at R1,207.50, with a fixed monthly service fee of R69. All loans are subject to the National Credit Act and, importantly, are unsecured, requiring no collateral. Sanlam promises transparent lending practices and will only lend what you can afford after assessing your finances.
Steps to Apply
- Choose your loan amount from R5,000 to R350,000 in R1,000 increments
- Select a repayment term between 12 and 84 months
- Submit a copy of your South African ID, proof of residential address, and three months’ payslips or bank statements
- After approval, funds can be paid into your account within 24 hours if all documents are in order
Pros of Sanlam Personal Loan
One standout advantage is the ability to borrow large sums with predictability due to fixed interest rates. This gives borrowers peace of mind over their monthly repayments.
The Wealth Bonus rewards programme is a unique extra, essentially giving you up to 10% of your loan back in value—an attractive incentive for long-term financial wellbeing.
Cons of Sanlam Personal Loan
On the downside, the initiation fee and monthly admin fee can add to the total cost of the loan, which is important to keep in mind when budgeting.
Another consideration is that Wealth Bonus rewards may not fully unlock if you settle the loan early or if your financial situation changes, so benefit eligibility can be conditional.
Verdict: Is Sanlam Personal Loan Right For You?
Sanlam’s Personal Loan is an excellent choice for those looking for transparent terms and potential rewards. The flexibility in repayment and high loan amounts make it suitable for many needs. However, always consider associated fees and evaluate if the Wealth Bonus aligns with your long-term plans before committing.