Sanlam Personal Loans
Borrow from R5,000 up to R350,000 at fixed interest rates, with flexible repayment from 12 to 84 months. Fast payouts and Wealth Bonus® rewards included.
Sanlam’s Personal Loan offering is a strong contender in South Africa, enabling borrowers to access amounts from R5,000 to R350,000. Repayment terms are flexible, spanning from 12 months up to a maximum of 84 months. Rates are fixed and based on your credit score, generally between 16% to 28% APR. A standout feature is the Wealth Bonus®, which rewards up to 10% of your loan amount if you maintain good standing. Loans are unsecured and no collateral is required, making it accessible for many South Africans who meet the simple document requirements.
Step-by-Step Application Process
- Decide how much you need, from R5,000 up to R350,000.
- Choose your repayment term from 12 to 84 months according to your budget.
- Gather documents: SA ID, proof of address, and three months’ bank statements or payslips.
- Submit an online application or speak to a consultant directly.
- Once approved, funds are typically paid into your account within 24 hours, provided documentation is in order.
Pros of Sanlam Personal Loans
One of the key benefits is the flexible repayment terms, stretching up to seven years. This makes it easier to select a loan structure that fits your financial capacity.
Additionally, the offer of a Wealth Bonus® reaching up to 10% of your original loan amount is a great incentive for borrowers who want to maximize the value of their loan experience.
Cons to Consider
The interest rates are risk-based and can reach up to 28%, which might be steep for those with fair or below-average credit scores.
Another downside is the required documentation, which—while standard for South African loans—means the process may not be instantly digital for all applicants.
Final Verdict
Sanlam’s personal loan offer stands out for its flexibility, relatively quick payout and attractive Wealth Bonus® rewards. The fixed rates and unsecured model make it accessible, but applicants should be aware of potential high interest rates for lower credit scores. For those seeking a large loan with longer terms and extra incentives, Sanlam is a compelling choice worth considering.
