Sanlam Personal Loan is designed to offer South Africans financial flexibility with competitive terms. Borrowers can request between R5,000 and R350,000, choosing repayment periods between 12 and 84 months. With fixed interest rates ranging from 16% to 28%, your monthly repayments are predictable.

The initiation fee starts at R1,207.50, and there’s a monthly service fee of R69. Importantly, you won’t be asked to provide collateral—the loan is unsecured and accessible upon approval, usually within 24 hours after submitting the required documents.

How to apply for a Sanlam Personal Loan

1. Decide on the loan amount you want, in increments of R1,000.
2. Choose your preferred loan term (from 12 up to 84 months).
3. Upload your SA ID, recent proof of address, and three months’ payslips or bank statements.
4. Submit your application for assessment.
5. Upon approval, funds are paid out, often within 24 hours.

Key advantages of Sanlam Personal Loans

Sanlam offers up to 10% of your loan amount in Wealth Bonus® at no extra cost, rewarding customers for staying up-to-date on repayments. As an incentive, all clients are entered into a draw to win a new car annually—last year’s winner drove away in a Toyota Starlet Cross.

Flexible terms allow you to tailor your loan to fit your budget, and with fixed interest, you know exactly what to expect every month.

Considerations before applying

Fixed interest rates might be higher depending on your credit score, potentially up to 28%. Repayment terms are long, so the total cost of borrowing can add up, especially with service and initiation fees.

While the process is straightforward, there’s a strict documentation requirement, and consent from your spouse is needed if married in community of property.

Verdict

Sanlam Personal Loan offers flexible borrowing up to R350,000 with unique rewards like Wealth Bonus® and the chance to win a car. Fast payouts, transparency, and no collateral required make it a compelling option, especially for those seeking predictable repayments.