The Sanlam Personal Loan stands out for its flexible options, letting South Africans borrow between R5,000 and R350,000. Terms are customised between 12 to 84 months, with interest rates starting from 16% and up to a maximum APR of 27.29%. Notably, you earn up to 10% of your loan amount back in Wealth Bonus rewards, a unique loyalty perk. The loan has a fixed interest rate, offers fast approvals, and supports responsible lending by only granting amounts suited to your credit risk and affordability.

How to apply: Step-by-step guide

1. Decide the loan amount from R5,000 to R350,000, in R1,000 increments.
2. Choose your repayment term: 12 to 84 months to match your budget.
3. Provide your South African ID, proof of address, and three months’ bank-generated statements.
4. Submit the application online or consult with an expert.
5. Await the outcome; if successful, receive funds in your bank account, often within 24 hours after all documents are received.

Sanlam Personal Loan: Pros

Flexibility is key, with large amounts available and terms spanning up to seven years, which can help make repayment manageable for your financial situation.

Borrowers also benefit from transparent, fixed interest rates and the opportunity to earn Wealth Bonus rewards—potentially up to 10% of your loan value credited back over time.

Sanlam Personal Loan: Cons

The advertised low rates are linked to your credit profile, so those with lower credit scores may only qualify for higher rates up to the max APR of 27.29%.

You will need to pay an initiation fee and a monthly admin fee, which increases the total cost of the loan, especially on longer terms.

Our verdict

Sanlam Personal Loan’s combination of high borrowing limits, fixed payments and the Wealth Bonus make it a competitive offer if you fit their lending criteria. The application process is clear, and the reward element stands out in the South African market.

However, be sure to calculate the total repayment carefully by considering the fees and your interest rate. This loan best serves those needing flexibility and a clear incentive to pay back swiftly.