Sanlam’s Personal Loan offer aims to provide South Africans with access to loans from R5,000 up to R350,000 at fixed interest rates, with flexible repayment periods ranging from 12 to 84 months. The annual interest rate ranges from 16% to 28% depending on your credit risk profile, with an example loan of R50,000 at 24.5% per year costing just over R102,000 over six years. Included are an initiation fee of R1,207.50 and a monthly admin fee of R69.

How to Apply for a Sanlam Personal Loan

1. Choose your desired loan amount and repayment term.
2. Complete the online application form, providing your ID, proof of address, and proof of income (last 3 payslips or bank statements).
3. Wait for approval – if successful, your funds could be paid to your account within 24 hours of submitting all required documentation.

Advantages of Sanlam Personal Loan

The fixed interest rates ensure your repayments remain predictable despite economic fluctuations. Furthermore, Sanlam offers flexible payment terms to suit individual budgets.

Clients also benefit from up to 10% of their loan value back in Wealth Bonus rewards, with no extra cost, and stand a chance to win a dream car just by keeping their loan account up to date.

Potential Drawbacks to Consider

Interest rates may reach the higher end (up to 28%) for applicants with lower credit scores, so it’s important to confirm your rate before accepting the loan.

Additionally, missing or canceling your Wealth Bonus-linked product may result in lost rewards, and all fees (like service and initiation fees) increase your total cost of borrowing.

Verdict: Is Sanlam Personal Loan Right for You?

Sanlam’s Personal Loan stands out with its fixed rates, wide range of amounts, extended repayment options, and value-added rewards. For those seeking a reputable lender and predictable monthly payments, this product is well worth considering. Always evaluate your budget and credit standing before proceeding with any financial commitment.