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Sanlam Personal Loan
Borrow from R5,000 to R350,000 at fixed rates between 16% and 28%, flexible repayment up to 84 months, plus up to 10% Wealth Bonus rewards.
Sanlam offers personal loans ranging from R5,000 up to R350,000 with flexible repayment terms from 12 up to 84 months. The APR varies based on your credit profile, starting from 16% and capped at 28%, with a fixed interest rate ensuring predictable monthly repayments. Added bonuses include up to 10% of your loan amount as a Wealth Bonus® reward, making this one of the more rewarding loan products available.
How to Apply: Step by Step
- Choose your desired loan amount in R1,000 increments (between R5,000 and R350,000).
- Select a repayment period that fits your budget (from 12 to 84 months).
- Calculate your estimated monthly payment and rate based on your profile.
- Submit personal information and upload your South African ID, proof of address, and 3 months’ bank statements or payslips.
- Await approval; upon a positive decision, funds are paid into your account, often within 24 hours.
Highlights and Benefits
Sanlam’s personal loan stands out thanks to its attractive Wealth Bonus® rewards, offering up to 10% of your loan value. Flexible repayments allow you to customise your repayments and borrow what you truly need.
Fast payout upon approval is another advantage, usually depositing cash into your bank within one day after all documents are received. The APR is capped at 28%, which helps with financial planning.
Potential Drawbacks
Borrowers with lower credit scores may end up with higher interest rates close to the cap. There is also an initiation fee of R1,207.50 and a monthly admin fee, which can add up.
Moreover, invoices or applications missing documents can delay the payout, so speedy payout strongly depends on document readiness.
Our Verdict
The Sanlam Personal Loan is a flexible and attractive option for South Africans needing structured finance and quick access to funds. Its unique rewards add value, especially for long-term borrowers.
For those wanting transparency, the fixed rates and clear fee structure are welcome. As always, ensure you borrow only within your means and compare offers when possible.
