Sanlam’s Personal Loan stands out in the SA market for its impressive range. With loans from R5,000 up to R350,000, and repayment terms as long as 84 months, it provides flexibility across needs. The interest rate, determined by your risk profile, ranges between 16% and 28%, with a fixed rate for predictability. You’ll find an initiation fee from R1,207.50 and a monthly admin fee of R69 included, subject to your credit rating and affordability assessment.

Step-by-Step Application Guide

First, choose your desired loan amount and repayment term. Next, prepare your South African ID, recent proof of address, and three months’ payslips or bank statements. Submit these documents through the Sanlam online portal or with a consultant. Sanlam will review your application and, upon approval, pay funds into your bank account, usually within 24 hours.

Key Advantages

A major highlight is the Wealth Bonus® – earn up to 10% of your loan amount in rewards, boosting your financial goals. Additionally, no collateral is needed and you can customise your loan from 12 to 84 months, allowing tailored payments to suit your lifestyle. Fixed interest rates help you plan better.

Potential Drawbacks

On the downside, the upper interest rate can be as high as 28% if your credit profile is weak. The required initiation and monthly fees add to the overall cost. Moreover, skipping or lapsing on payments may cause you to forfeit accumulated Wealth Bonus®.

The Verdict

Sanlam Personal Loan is a top contender for South Africans who want flexibility, solid support, and unique rewards. Provided you qualify for a competitive rate and keep payments on track, it’s a strong choice for responsible borrowers.