Sanlam’s Personal Loan is an attractive option for South Africans in need of a flexible credit solution. You can borrow any amount from R5,000 up to R350,000, repaying over 12 to 84 months. The interest rate is fixed and determined by your credit profile, typically ranging between 16% and 28%, with the maximum APR capped at 27.29%. Prospective clients can enjoy additional perks such as up to 10% of the loan amount returned as a Wealth Bonus bonus, adding extra value to the overall package.

Step-by-step Application Process

To apply, choose your desired loan amount in increments of R1,000 between R5,000 and R350,000. Select your preferred repayment period, from 1 to 7 years, to suit your budget. Gather your South African ID, recent proof of address, and three months’ payslips or bank statements. Submit these documents via the application portal and await your approval decision. Once approved and documentation is provided, you may receive funds in your bank account within 24 hours.

Key Advantages

The main benefits of this loan are the fixed interest rate, ensuring predictable repayments each month, and a flexible range of repayment periods. The process is straightforward, with no collateral required, making it suitable for most income-earning South Africans.

Another standout perk is the Wealth Bonus, which rewards disciplined borrowers with up to 10% of the loan amount in extra value. This is a rare feature among personal loans in the local market.

Considerations and Drawbacks

The loan does have an initiation fee (R1,207.50 on R50,000, for example) and a monthly admin charge of R69, which can add up for longer terms. Qualifying for the best rates depends heavily on your personal credit score and financial situation.

Finally, if you’re married in community of property, you’ll need spousal consent, which could delay the process.

Our Verdict

Sanlam’s Personal Loan is a highly competitive product for South Africans seeking a large, flexible, unsecured loan. The added Wealth Bonus and fast payout times make it a strong choice for those who qualify. Take care to review the total cost including fees when applying.