Sanlam’s Personal Loan is a competitive option for anyone in South Africa seeking a flexible, fixed-rate loan with unique incentives. You can borrow from R5,000 up to R350,000, and your repayment period can stretch from 12 to 84 months. Annual interest rates are personalised and range from 16% to 28%, depending on your risk profile and credit score. Additionally, you can earn up to 10% of your loan amount back in the form of a Wealth Bonus®, which is a rare perk.

How to Apply: Step by Step

1. Decide on the amount you want to borrow (incremental options start from R5,000)
2. Select your preferred repayment period (between 12 and 84 months)
3. Submit a copy of your South African ID and recent proof of address
4. Attach 3 months’ PDF bank statements as proof of income
5. Wait for approval; if successful, your funds are usually available in 24 hours

Key Advantages

Sanlam Personal Loan stands out for its high maximum loan amount and generous repayment terms. The fixed interest rate gives you security and predictability.

The Wealth Bonus® feature rewards responsible borrowers, offering a unique value proposition that is not common among South African lenders.

Potential Drawbacks

While Sanlam offers competitive rates, borrowers with lower credit scores might face higher rates approaching the 28% limit. The initiation fees and R69 monthly admin fee also add to the total cost.

Loans are unsecured, so while this means no collateral is needed, higher risk applicants may need to weigh their affordability carefully.

Verdict

Sanlam’s Personal Loan is attractive for those who want reliable funding, flexibility, and rewards. Responsible borrowers, especially with good credit, are likely to benefit the most from this offer. It’s a quality choice if you value flexible options and a reputable brand behind your loan.