Sanlam presents a highly competitive personal loan option for South Africans in need of flexible financial support. Applicants can borrow from R5,000 up to a substantial R350,000, with repayment terms stretching from 12 to 84 months. The interest rates range between 16% and 28%, depending on your credit risk profile. Additionally, there’s a one-time initiation fee from R1,207.50 and a fixed monthly admin fee of R69. Notably, these loans come with a fixed rate, so your repayments will remain the same throughout your loan term. Another unique feature is the Wealth Bonus® rewards, offering up to 10% of your loan amount back as a reward just for staying up to date on repayments.

How to Apply: Step-by-Step

• Choose your loan amount from R5,000 to R350,000 in R1,000 increments.
• Pick your preferred repayment period (from 12 to 84 months) based on what suits your budget.
• Upload your documents: SA ID, proof of residence, 3 months’ payslips, or bank statements.
• Submit your application online and receive feedback quickly.
• Upon approval and document verification, funds are paid directly to your bank account, sometimes within 24 hours.

Pros of the Sanlam Personal Loan

One major advantage is the flexible loan amount and term, offering plenty of choice for different budget needs. The rates are fixed, so you won’t get unexpected increases in your monthly instalments.

Another highlight is the Wealth Bonus® feature; keeping your payments up to date could yield up to 10% back on your loan amount—a unique offering in the market. Fast payouts and a simple online application add further convenience.

Cons of the Sanlam Personal Loan

The interest rate, while fixed, is personalised, so applicants with a lower credit score may face higher costs. Additionally, the loan comes with upfront initiation fees and monthly administration fees, which add to the total cost of borrowing.

Also, anyone married in community of property must get spousal consent, which could delay the application slightly for some.

Verdict

Overall, Sanlam’s personal loan provides a robust and flexible solution for those seeking a substantial cash injection with predictable repayments. The added incentive of a Wealth Bonus® reward makes it even more appealing if you’re diligent in keeping up with installments. While the admin and initiation fees apply and rates can reach up to 28% APR for those with lower credit scores, the offering remains a top contender in the South African personal loan market for those who qualify.