The Sanlam Personal Loan is a popular credit option for South Africans seeking flexibility and peace of mind. You may borrow any amount between R5,000 and R350,000. Fixed interest rates range from 16% to 28% per annum, depending on your credit risk profile. Repayment periods are customisable, spanning from 12 up to 84 months. No collateral is required as this is an unsecured loan, and one attractive feature is the possibility to earn up to 10% of your loan amount in Wealth Bonus rewards.

Sanlam also sweetens the deal with the chance to win a dream car when you keep your loan up to date. The application is straightforward, requiring only basic documentation such as your SA ID, proof of address, and salary proof through payslips or bank statements. If approved, the money could be in your account within 24 hours after submitting your documents.

How to Apply: Step-by-Step Guide

• Choose your loan amount—from R5,000 up to R350,000.
• Select your preferred repayment term, from 12 to 84 months.
• Prepare your supporting documents: SA ID, proof of residence, and three months’ payslips or bank statements.
• Submit your application to Sanlam.
• Once approved, receive your loan amount directly in your bank account, typically within 24 hours.

Pros of the Sanlam Personal Loan

The fixed interest rate guarantees that your monthly repayments remain consistent, making budgeting easier. The loan is highly flexible in terms of both amounts and duration, giving you control over your debt commitment.

The Wealth Bonus reward—up to 10% of your loan amount—is a standout feature, giving customers added value at no extra cost if the loan is kept up to date.

Cons of the Sanlam Personal Loan

Interest rates are tailored to your personal credit profile, so applicants with lower credit scores may face rates closer to the 28% maximum.

There is an upfront initiation fee and a monthly admin fee, which can increase the total cost—be sure to calculate these into your repayment plan.

Our Verdict

Sanlam’s Personal Loan offers a competitive and transparent option in the South African market. It is best suited for those who value flexible terms, fast payout, and the added savings from Wealth Bonus rewards. Always evaluate the full costs, but with responsible use, this product stands out as a solid loan choice.