Sanlam Personal Loan offers South Africans the potential to borrow from R5,000 to R350,000. Repayment terms stretch from 12 to 84 months, so it suits a range of needs. Interest rates start as low as 16%, determined by your credit profile, and are fixed for the life of your loan.

The loan includes a maximum Annual Percentage Rate (APR) of 27.29%. A key feature is the possibility to earn up to 10% of your loan amount back through Sanlam’s Wealth Bonus. There’s no collateral required – these are unsecured personal loans, making them accessible and convenient.

How to Apply for a Sanlam Personal Loan

1. Choose a loan amount between R5,000 and R350,000 in R1,000 increments.
2. Select a repayment period suited to your budget, from 12 up to 84 months.
3. Gather your supporting documents: SA ID, proof of residence, and three months’ bank statements.
4. Submit your application online or speak with a Sanlam consultant.
5. If approved, you get your funds within 24 hours of submitting all documents.

What Are the Pros?

Sanlam Personal Loans offer fixed interest rates, transparent fees, and flexible terms. The application process is fast and reliable, often paying out within 24 hours after approval.

The Wealth Bonus reward increases your potential savings, returning up to 10% of your loan as a bonus if you maintain your agreement.

What Are the Cons?

Applicants may find the initiation fee and monthly admin fee (R1,207.50 and R69, respectively) somewhat high compared to a few competitors.

Your exact interest rate depends on your credit score, so those with weaker credit could face the upper end of the rate range.

Our Verdict

Sanlam Personal Loan combines flexibility, high limits, and quick payouts with an appealing bonus scheme. It is an excellent choice if you value predictable payments and transparency, provided you have a good credit history. If you’re seeking a reputable, trustworthy lender in South Africa, Sanlam remains a solid option.