Sanlam’s Personal Loan offers South Africans the flexibility to borrow from R5,000 up to R350,000 with fixed interest rates starting at 16%, depending on your credit profile. Loan terms range from 12 to 84 months, allowing you to pick repayment periods that work for your unique circumstances. Importantly, the monthly service fee is set at R69, and all loans comply with the National Credit Act.

How to Apply: Step by Step

1. Decide how much you want to borrow (between R5,000 and R350,000).
2. Pick your desired repayment period (from 12 months to 84 months).
3. Gather the required documents: SA ID, proof of address, and 3 months’ payslips or bank statements.
4. Submit your application online or speak to a loan expert.
5. Once approved, receive your loan payout—often within 24 hours.

Loan Advantages

One major benefit is the chance to earn up to 10% of your loan amount back as a Wealth Bonus reward, a unique feature in the South African market.

Quick access to funds is another highlight—successful applicants may have their money in their account within a day, which is excellent for urgent needs.

Drawbacks to Consider

It’s important to be aware that the maximum annual percentage rate can go up to 27.29% for higher-risk clients, affecting overall cost.

Additionally, admin and initiation fees apply and are included in your repayment plan, so read the loan agreement carefully to understand all charges first.

Verdict

The Sanlam Personal Loan offers robust flexibility, worthwhile rewards, and fast payout, making it a strong choice for South Africans needing reliable access to credit—especially those with good credit scores. However, make sure to consider the true cost for your financial situation before committing.