Sanlam Personal Loans offer South Africans the opportunity to borrow between R5,000 and R350,000 at fixed interest rates. The repayment period is highly flexible, from 12 up to 84 months, making it much easier to plan your finances. Interest rates are competitive, typically between 16% and 28%, and your actual rate will depend on your credit profile. Successful applicants can benefit from no collateral requirements and earn up to 10% of their loan amount back through the Wealth Bonus® program.

How to Apply: Step by Step

1. Choose your loan amount, from R5,000 to R350,000, in R1,000 increments.
2. Select your preferred repayment term, anywhere from 12 months (1 year) up to 84 months (7 years).
3. Submit a copy of your South African ID, proof of residence, and the last 3 months of bank statements.
4. Wait for Sanlam to assess your affordability and credit profile – they’ll let you know about your interest rate and monthly repayments.
5. If approved, sign your agreement and receive your funds, usually within 24 hours of approval.

Main Advantages

One major advantage is the high degree of flexibility in both the loan amount and repayment term. This ensures that you can tailor your loan to fit your budget and needs.

Plus, you earn up to 10% of your loan amount as Wealth Bonus®, which is a significant reward compared to many other lenders.

Potential Drawbacks

The maximum interest rate can reach up to 28% depending on your credit profile, which may be high for some applicants compared to other providers.

Also, if you cancel your loan early, you may lose any accumulated Wealth Bonus®, and market underperformance can affect your Wealth Bonus payout.

Final Verdict

Sanlam Personal Loans are a compelling choice for South Africans who value flexibility and want a chance to earn rewards on their lending. Carefully consider your credit profile, as rates can be high, but the application is simple and fast with the potential for significant cashback.