Sanlam offers a compelling personal loan option for South Africans looking to borrow between R5,000 and R350,000. With fixed interest rates from 16% to 27.29% and flexible terms from 12 to 84 months, this loan is designed for versatility. Repayment plans can be tailored to your budget, and the process is completely unsecured—no need for collateral. Loans come with a monthly service fee of R69 and an upfront initiation fee, for example, R1,207.50 for a R50,000 loan. Notably, applicants accepted can receive funds within 24 hours after submitting all required documents. An attractive feature is the up to 10% Wealth Bonus reward, which adds extra long-term value.

Step-by-Step Application Process

• Choose your loan amount from R5,000 to R350,000 in R1,000 increments.
• Select your ideal repayment period from 12 to 84 months.
• Sanlam calculates your interest and fees based on your credit profile.
• Submit a valid ID, recent proof of address, and 3 months of payslips or bank statements.
• If approved, receive the funds quickly—often within one business day.

Key Pros

One major advantage is how customisable the Sanlam personal loan is, both in loan size and repayment period, letting applicants match the loan to their needs.

The additional up to 10% Wealth Bonus is a valuable extra, acting like an investment reward if you keep your loan in good standing until maturity.

Potential Cons

The loan is subject to a once-off initiation fee and a monthly administration fee, which add to the total repayment amount.

Interest rates are risk-based and can run towards the upper end depending on your credit score, so the best rates are not guaranteed for all applicants.

Independent Verdict

Sanlam personal loans stand out for their flexibility, high maximum amount, and exclusive rewards program. The quick payout and straightforward application are reassuring. However, always check your quoted rate and confirm the total repayments before signing. For many, the convenience and rewards will outweigh the standard fees. Sanlam offers one of the more competitive and feature-rich options amongst unsecured loans in South Africa.