Sanlam Personal Loan is a strong option in South Africa, offering borrowing from R5,000 up to R350,000 at fixed interest rates starting from 16%. The maximum APR is 27.29%. Repayment terms are flexible, ranging from 12 to 84 months. A unique feature is the Wealth Bonus®, letting you earn up to 10% of your loan amount back in rewards if you maintain your loan well.

You’ll need to provide a South African ID, proof of address, and three months’ bank statements or payslips. Approval can be quick: once documents are supplied and your loan is green-lit, funds may clear to your bank account within 24 hours. Sanlam won’t lend more than you can afford, as per responsible lending regulations.

How to Apply: Step by Step

1. Choose your loan amount between R5,000 and R350,000 in increments of R1,000.
2. Select a repayment period that best fits your budget, from 12 to 84 months.
3. Gather your documents: ID, proof of address, and three months’ bank statements or payslips.
4. Complete the application online or speak to a Sanlam expert.
5. Await approval and payment—potentially within 24 hours, if all documents are in order.

Key Advantages

One of the key benefits of Sanlam Personal Loan is the flexibility in both loan amounts and repayment periods, letting customers borrow what suits them. Fixed rates provide peace of mind, making budgeting more predictable.

Furthermore, the Wealth Bonus® reward is an attractive perk not commonly offered elsewhere. If you keep your loan and payments on track, you could receive a sizeable bonus—up to 10% of your loan’s value, adding real value over the life of your agreement.

Potential Drawbacks

The minimum fixed interest rate starts at 16%, which may be higher than some competitors, especially for those with good credit. Additionally, an initiation fee and monthly admin fee apply, so it’s important to factor in all costs when considering your total repayment.

There’s also a requirement for your spouse’s consent if married in community of property or under certain legal systems. This can delay the process for eligible applicants in those specific marriage categories.

Final Verdict

Sanlam Personal Loan stands out for its combination of flexible loan terms, fixed rates, and the standout Wealth Bonus® feature. While rates may not be the absolute lowest available, the strong customer care and value-added features make this a compelling choice for many South Africans seeking a reputable lender.