Sanlam’s Personal Loan is a flexible lending solution designed for South Africans looking for funds between R5,000 and R350,000. Repayment terms are highly customisable, ranging from 12 to 84 months, making it suitable for a variety of budgets. The fixed interest rate, tailored to your risk profile, ranges from 16% to 28%, offering a predictable monthly repayment.

One notable perk is the Wealth Bonus® benefit, where you can unlock up to 10% of your loan amount as a reward at no extra cost. Plus, by keeping your loan up to date, you’re entered into an annual draw for a new vehicle – for example, a past winner took home a Toyota Starlet Cross 1.5XS.

Step-by-Step Application Process

1. Decide the loan amount (R5,000-R350,000, increments of R1,000)
2. Pick a repayment term (from 12 months up to 84 months)
3. Submit a copy of your SA ID, recent proof of address, and proof of income (three months’ payslips or bank statements)
4. Wait for approval and, if approved, funds are transferred within 24 hours of document submission

Pros

One of the biggest advantages is the flexibility in both loan amount and repayment period. The Wealth Bonus® is a unique reward for responsible borrowers, distinguishing Sanlam from other lenders. Additionally, approval is relatively quick, and the process doesn’t require any collateral.

Cons

While the fixed interest rate provides stability, it can be relatively high for those with lower credit scores, reaching up to 28%. There is also an initiation fee and a monthly administration fee, which can add to the total cost.

Verdict

The Sanlam Personal Loan stands out for its flexible terms, attractive rewards, and transparent process. It’s a smart fit for borrowers seeking reliability, rewards, and a well-established lender. Just be sure to factor in the interest rate and fees when calculating affordability.