Sanlam’s Personal Loan offers South Africans a chance to borrow from R5,000 up to R350,000 at a fixed interest rate, with flexible repayment terms ranging from 12 to 84 months. The interest rates are personalised, ranging between 16% and 28%, depending on your credit score. Notably, successful applicants can also earn up to 10% of their loan amount back through Wealth Bonus rewards. Sanlam’s transparent process includes clear initiation and monthly admin fees, so no nasty surprises await.

How to Apply for a Sanlam Personal Loan

1. Decide the loan amount (from R5,000 to R350,000 in increments of R1,000).
2. Select your preferred repayment term (12 to 84 months).
3. Prepare your documents: South African ID, proof of address, and three months’ bank statements or payslips.
4. Submit your application and required documents online.
5. Await quick approval and, once approved, funds are often paid out within 24 hours.

Benefits of Sanlam Personal Loans

One major advantage is the fixed interest rate, providing stability for borrowers over the whole loan term.

Flexible repayment terms mean you can tailor your plan to your financial circumstances.

The Wealth Bonus rewards add real long-term value for those committed to their financial journey, boosting your loan’s appeal.

Potential Drawbacks

Interest rates may be on the higher side, especially if your credit record is less than perfect.

Monthly admin and initiation fees apply, which can increase overall loan cost for those borrowing smaller amounts.

Verdict

Sanlam’s personal loan offering is a solid choice for those seeking flexible terms, quick turnaround, and rewarding features. However, compare rates carefully and be mindful of fees before committing.