Sanlam’s personal loan is a robust solution for South Africans looking for flexibility and reliable terms. You can borrow any amount from R5,000 to a maximum of R350,000, with repayment periods up to 84 months. Fixed interest rates range between 16% and 28%, depending on your credit profile. This product is unsecured, so no collateral is needed.

One unique highlight is the Wealth Bonus®, offering you up to 10% of your loan amount as a reward for maintaining your loan in good standing. Additionally, every year, loan holders stand a chance to win their dream car—last year, a lucky Sanlam client won a brand new Toyota Starlet Cross 1.5XS.

How to Apply: Step-by-Step

1. Choose your loan amount (R5,000 – R350,000).
2. Select your repayment term (12–84 months).
3. Submit a copy of your South African ID.
4. Provide proof of address and latest three payslips or bank statements.
5. Receive a personalised quote with your interest rate and fees.
6. Upon approval and documentation, funds are paid into your account—often within 24 hours.

Pros

Sanlam’s personal loan stands out for its flexible terms, ranging from just a year to as long as seven years. This means you can structure repayments to suit your budget.

The fixed interest rates and transparent fee structure help borrowers avoid nasty surprises. On top of that, Wealth Bonus® rewards and the potential to win a car add real value to the experience.

Cons

Although Sanlam’s maximum interest rate is competitive, borrowers with weaker credit may face higher rates, up to 28% APR. This could mean a significant cost over the loan term.

An initiation fee of R1,207.50 and a monthly R69 admin fee may add to your overall repayment amount. Furthermore, to qualify, you must provide all required documentation, which might slow the process for some.

Verdict

Sanlam’s personal loan is a flexible, transparent and rewarding choice for South Africans seeking a fixed-rate loan. While interest rates can climb for those with poor credit, the benefits—including reward bonuses and car competition—set it apart. With fast processing and a strong reputation, it scores well for responsible borrowers.