Sanlam’s Personal Loan lets you borrow between R5,000 and R350,000, with fixed interest rates ranging broadly from 16% up to a capped 28% per year. Repayment is flexible, allowing you to select any term between 12 and 84 months, so you can tailor your monthly payments to your needs.

The loan promises easy application, and subject to approval, funds could reflect in your bank account within 24 hours. You will need to provide your South African ID, recent proof of residence, and either three months’ payslips or bank-generated PDF statements for proof of income. No collateral is required.

How to Apply for a Sanlam Personal Loan

1. Pick your preferred loan amount (minimum R5,000, maximum R350,000, in R1,000 increments).
2. Choose a repayment period between 12 and 84 months to fit your budget.
3. Submit your documents, such as ID, payslips, bank statements, and proof of address.
4. Your interest rate and initiation fee will be personalised based on your credit profile.
5. Upon approval, the money is paid into your bank account (sometimes in less than 24 hours).

Advantages of Sanlam Personal Loan

One of the standout perks is the potential to earn a Wealth Bonus of up to 10% of your loan amount, which acts as a loyalty reward. Funds are disbursed quickly, making this product useful for urgent needs.

You also have the peace of mind of fixed interest rates, meaning your repayments will not increase unexpectedly. With no collateral required, it’s accessible even if you don’t own property.

Disadvantages of Sanlam Personal Loan

The interest rates can be on the higher end (up to 28% APR), and those with lower credit scores may pay more. There is an upfront initiation fee and a monthly admin fee to consider.

Also, you lose the Wealth Bonus if you cancel your loan, skip payments, or markets perform poorly, which can make the bonus less predictable as a benefit.

Verdict: Is Sanlam Personal Loan Worth It?

Sanlam Personal Loan offers flexibility, fixed rates, and the potential for Wealth Bonus rewards. However, carefully check your monthly repayments, including fees and the effect of your personal interest rate.

If you need a versatile loan from a major SA provider and value tailored terms, this option may suit your financial plans—especially if you’re after quick turnaround and an accessible application process.