Sanlam Personal Loans
Get up to R350,000 for 12–84 months at fixed rates. Earn up to 10% of your loan as Wealth Bonus with simple no-collateral application.
Sanlam offers personal loans of up to R350,000 tailored for South African clients wanting competitive, fixed interest rates. Borrowers can choose repayment terms from 12 to 84 months, helping you manage your budget better. Interest rates range between 16% and 27.75% depending on your credit profile, with a maximum APR capped at 27.29%. No collateral is required, and loans are subject to the National Credit Act. Your loan application is assessed responsibly, taking your affordability into account.
How to Apply in Simple Steps
- Choose your loan amount (between R5,000 and R350,000 in R1,000 increments).
- Select your preferred repayment term, from 1 to 7 years.
- Gather required documents: SA ID, proof of address, and 3 months’ bank statements or payslips.
- Complete the application form online or speak to a consultant.
- If approved, receive your funds in as little as 24 hours—after submitting documents.
Key Advantages of Sanlam Personal Loan
One highlight is the option to earn up to 10% of your loan amount as a Wealth Bonus, rewarding responsible borrowers over time. Loan offers are personalised, and the fixed interest rates make budgeting simple, as your payments won’t increase unpredictably.
Additionally, the application process is straightforward and can be completed online or via phone, making it accessible for a wide audience. No collateral means less risk for you as the borrower.
Potential Drawbacks to Consider
A primary drawback is that higher-risk profiles may result in interest rates closer to the upper end, which could affect affordability. Also, there’s an initiation fee of R1,207.50 and a monthly service fee of R69, which add to the overall cost.
If you end your loan early or miss payments, any Wealth Bonus earned but “locked” may be lost. Lastly, approval is not guaranteed as the process follows responsible lending requirements.
Our Verdict
Sanlam’s personal loans are well-suited to individuals with steady income and reliable documentation who value rewards and clarity. The flexible terms and fixed rates give peace of mind, though fees and interest for riskier clients may be higher. For those looking to borrow responsibly, Sanlam’s Wealth Bonus feature offers a valuable extra.
