Sanlam Personal Loan offers South Africans a chance to borrow between R5,000 and R350,000 with very flexible terms. Repayment periods stretch from 12 up to 84 months and all loans come with a fixed interest rate based on your individual risk profile. Notably, interest rates vary from 16% up to 28% APR, including a maximum APR of 27.29%. Additionally, you can stand a chance of winning your dream car and enjoy Wealth Bonus® rewards of up to 10% of your loan value, all as part of this offering.

How to Apply for a Sanlam Personal Loan

1. Decide how much you want to borrow (between R5,000–R350,000).
2. Select your preferred repayment term (from 12 to 84 months).
3. Gather documents: SA ID, recent proof of address, last three payslips or bank statements.
4. Apply online or speak to a Sanlam expert.
5. On approval, have funds deposited into your bank account—potentially within 24 hours if documents are ready.

Pros of Sanlam Personal Loan

The chief highlight is the remarkable flexibility in the loan amount and repayment terms: you can tailor these for your needs and budget. Fixed interest rates offer predictability, helping you plan finances confidently. Moreover, qualifying applicants receive up to 10% of their loan value as a Wealth Bonus®, which can boost long-term financial growth.

Another significant advantage is the quick turnaround from application to payout, provided your documentation is in order—sometimes as fast as a single day.

Cons of Sanlam Personal Loan

One disadvantage is the upfront initiation fee (currently R1,207.50) and a recurring monthly admin fee of R69, which can add to your total cost of borrowing. Additionally, loan approval is contingent on Sanlam’s affordability assessment, and not all applicants will necessarily qualify for the lowest advertised rate.

Finally, lapsing on the loan or cancelling could result in forfeiting your Wealth Bonus®, potentially diminishing the total value you receive.

Our Verdict

Sanlam Personal Loan stands out for its flexibility, fair terms, and added incentives. It’s an excellent choice for South Africans seeking a reliable loan with clear benefits, especially for those who want larger amounts and longer terms. However, borrowers should be aware of the total cost—including fees—before committing. On the whole, Sanlam’s offer is strong and trustworthy if you qualify, combining flexibility with tangible rewards.