Sanlam offers a personal loan of up to R350,000, giving South Africans a solid solution for different financial goals. The loan comes with fixed interest rates that start from 16%, depending on your credit profile. Repayment terms are highly flexible, stretching from 12 months up to 84 months, so you can choose what suits your budget best.

In addition, approved applicants can benefit from Sanlam’s unique Wealth Bonus®, earning up to 10% of the loan amount as a reward. There’s no collateral required since the loan is unsecured. All costs and interest rates are calculated transparently, with an example being a R50,000 loan at a 24.5% interest rate, costing just over R102,000 over six years.

How to Apply for a Sanlam Personal Loan

The application process is straightforward. Start by selecting how much you need – between R5,000 and R350,000, in R1,000 increments. Next, choose a repayment period that matches your financial situation, from 12 to 84 months. After applying online, Sanlam’s consultants will assess your finances and risk before providing a loan offer. You’ll need to upload a copy of your SA ID, recent proof of address, and three months’ bank statements. Once approved, the funds can land in your bank account within 24 hours.

Pros of Sanlam Personal Loan

Sanlam Personal Loan stands out for its flexible repayment terms and generous maximum loan amount. Clients also enjoy the added benefit of earning up to 10% of their loan amount back as Wealth Bonus®. The fixed interest rate ensures monthly payments remain predictable throughout your term.

Cons of Sanlam Personal Loan

Interest rates can rise up to 28% annually depending on your credit score, so those with lower scores might face higher costs. There are also upfront and monthly administration fees, and you must meet certain documentation requirements. Additionally, spouses’ consent is needed if you are married in community of property.

Final Verdict

Sanlam Personal Loan offers an accessible option for South Africans needing significant credit and flexibility. The application process is clear and fast, and the additional Wealth Bonus® is a notable perk. This loan is especially appealing for those with stable incomes and a need for a larger loan, but applicants should review their interest rate offer and ensure that repayments fit their monthly budget.