Sanlam’s Personal Loan is a feature-rich option for South Africans seeking unsecured finance. You can borrow between R5,000 and R350,000, with repayment periods ranging from 12 up to 84 months. Fixed interest rates ensure stability, typically between 16% and 28%, based on your personal risk profile. The maximum APR is 27.29%. Once approved, funds can be paid into your account within 24 hours upon submission of all required documentation.

How to Apply for a Sanlam Personal Loan

The application process for a Sanlam loan is straightforward. Start by deciding how much you want to borrow and select your preferred repayment term. You’ll need to provide a copy of your South African ID, recent proof of address, and 3 months’ bank statements. The application can be completed online or with the assistance of a consultant. After submitting your documents and approval, you could have the money in your account quickly.

Main Advantages

One standout benefit is the Wealth Bonus®, which allows you to earn up to 10% of your loan amount as a reward, added for keeping your loan active. Repayments are fixed, making budgeting easier for borrowers. Long loan terms up to 84 months offer additional flexibility for those seeking lower monthly instalments.

Main Disadvantages

As this is an unsecured loan, interest rates are higher than those of secured lending, especially for borrowers with weaker credit profiles. An initiation fee applies, and a monthly admin fee is charged, which adds to your total cost. Missing payments can mean loss of Wealth Bonus® rewards, so punctual repayments are crucial.

Our Verdict

Overall, the Sanlam Personal Loan is a solid pick for those looking for flexible terms, quick payouts and the bonus rewards. However, it’s important to consider the fees and interest rates. Ensure you can meet the monthly repayments for the full term to make the most of this product’s benefits.