Sanlam Personal Loan
Borrow between R5,000 and R350,000, with fixed interest rates from 16% up to 27.75%, flexible terms up to 84 months and up to 10% Wealth Bonus® rewards.
Sanlam’s Personal Loan offers South Africans a wide range between R5,000 and R350,000. Applicants can select flexible repayment periods extending from 12 to 84 months.
Interest rates are set depending on your credit profile, starting from 16% and going up to 27.75% per year. As an added perk, you could earn up to 10% of your approved loan amount in Wealth Bonus® rewards, provided you maintain your instalments.
The loan is unsecured, meaning no asset is required as collateral. The maximum initiation fee is currently R1,207.50, and the monthly admin fee is R69. All terms comply with the National Credit Act.
How to apply for Sanlam Personal Loan
- Choose your loan amount (R5,000 to R350,000 in R1,000 increments).
- Select your preferred repayment term (from 12 to 84 months).
- Provide a copy of your SA ID, proof of address, and three months’ bank statements.
- Complete the online application and await assessment.
- If approved, funds pay out directly to your bank account – often within 24 hours, if documents are valid.
Pros of Sanlam Personal Loan
You can borrow up to R350,000 with full flexibility in choosing your repayment period. This suits a range of needs, from emergencies to larger projects.
Fixed rates and transparent costs help you budget. Extra rewards in the form of Wealth Bonus® provide long-term value at no extra cost.
Cons of Sanlam Personal Loan
If your credit score is low, you could pay higher interest – up to 27.75%. Fees, including the monthly admin cost, can add up over time.
Some applicants might not qualify for the maximum loan or lowest rates, and if you lapse or cancel, Wealth Bonus® may be lost.
Our Verdict
Sanlam Personal Loan stands out for large loan limits, flexible terms, and unique Wealth Bonus® benefits. Make sure to compare rates and calculate the total cost before committing.
