Sanlam offers a personal loan that is both flexible and accessible. South Africans can apply for as little as R5,000 up to R350,000, making it suitable for a variety of financial needs. Loan terms range from 12 to 84 months, and interest rates are tailored to your profile, generally falling between 16% and 28%. This product comes with fixed interest, ensuring predictable repayments throughout the loan term. As an additional perk, you can earn up to 10% of your loan amount back as a Wealth Bonus®.

How to Apply for the Sanlam Personal Loan

1. Choose your desired loan amount (between R5,000 and R350,000 in R1,000 increments).
2. Select a repayment term that suits your budget, from 12 to 84 months.
3. Gather the required documents: valid South African ID, proof of address, and three months’ payslips or bank statements.
4. Submit your application online or through a Sanlam consultant.
5. Upon approval and submission of all documentation, funds are typically disbursed within 24 hours.

Key Pros of Sanlam Personal Loans

Sanlam stands out for its flexible loan amounts and terms, accommodating different financial situations. The potential to earn up to 10% back as a Wealth Bonus® offers extra value.

Fixed interest rates mean your repayments remain constant. Quick payouts—eligible borrowers may receive funds within a day after approval and documentation submission.

Considerations and Potential Cons

Sanlam’s maximum interest rate can reach up to 28%, which is on the higher end for some risk profiles. There is also an initiation fee and a monthly admin charge of R69.

The application requires proof of income and identity, so those without formal employment might find it challenging to qualify.

Our Verdict: Is Sanlam Personal Loan Right for You?

Sanlam’s Personal Loan delivers a blend of flexibility and rewards, ideal for borrowers needing structured repayments and those who want to earn back. Reliable, fast payouts and clear eligibility criteria make it worth considering if you meet the requirements.