Sanlam’s Personal Loan is a compelling option for South Africans seeking larger loan amounts with repayment flexibility. With loan values ranging from R5,000 up to R350,000, it provides both short and long repayment options—from 12 to 84 months. Interest rates are fixed and typically range between 16% and 28% depending on your credit profile. Notably, borrowers can earn up to 10% of their loan amount back through the Wealth Bonus rewards programme. Additional costs, such as a once-off initiation fee (from R1,207.50) and a R69 monthly service fee, apply. No collateral is required, and the process aligns with local credit legislation.

How to Apply: Step-by-Step Guide

Begin by selecting your loan amount and choosing a repayment period that suits your budget and financial situation. Complete the application form with personal information and upload your South African ID, proof of address, and three months’ bank statements. Submit your application. If approved, you’ll receive the funds—sometimes within 24 hours—depending on how quickly you upload all required documents. Consent from your spouse is only needed if married in community of property.

Sanlam Personal Loan: Key Advantages

This loan stands out for its high maximum loan value and extended terms, making it suitable for large expenses or debt consolidation. Earning up to 10% back in Wealth Bonus can significantly enhance long-term value. Loan approval is typically quick, and the process is entirely paperless, making it convenient for applicants. With no collateral required, it remains accessible to more South Africans.

Potential Downsides to Consider

Sanlam does charge notable initiation and admin fees, which can add up over the life of the loan. Interest rates can also be relatively high for those with less favourable credit scores. Early repayment options and penalties should be clarified before committing. Additionally, if Wealth Bonus is not unlocked due to short product tenure or market underperformance, those rewards may be forfeited.

Our Unbiased Verdict

Overall, the Sanlam Personal Loan suits applicants wanting substantial funding flexibility and transparent fixed costs. The Wealth Bonus reward adds extra appeal for long-term borrowers. However, pay close attention to the total repayment cost and ensure you are clear about Wealth Bonus conditions before making your decision.