Get up to 20% of your payments returned with Sanlam Personal Loans

Your personal loan will be deposited quickly and directly into your bank account

Are you preparing for a home renovation or financing a car or a long vacation? In that case, a personal loan can certainly be helpful. But most options are quite limited, as low as R50,000 or R100,000 – and may not be enough. That’s why Sanlam Personal Loans is a great choice.

Sanlam Personal Loans is amazing for several features, even more so for offering an amazing cash loyalty program that no credit provider has. El rewards personal loan account holders with up to 20% of the loan amount, meaning that part of the loan amount is returned as Wealth Bonus – Sanlam’s monetary reward for qualifying products.

Also, in case you want to know about the rates and repayment terms, now is the time, pay attention here. The minimum interest rate is around 15% per year, with a maximum of 25% per year, which you can install in advance. The loan has a minimum repayment term of 24 months, with a maximum repayment term of 72 months.

Pros and Cons of using the Sanlam Personal Loans

Sanlam Personal Loans is a product aimed at people with a good or excellent credit score. It offers fast approval and a wide variety of payment options for the customer to choose from. Check out some of its advantages and benefits:

  • Maximum loan amount available is too high
  • Sanlam Personal Loans can be increased by R1,000.00 at any time
  • Minimum interest rate is low compared to other providers in South Africa
  • Have access to Sanlam Reality – allows you to recover some of your payments
  • Since interest is individualized, you can get a reduced rate if you have a strong score
  • Maximum payback time is reasonable and can help low income people avoid excessive debt

Cons for the Sanlam Personal Loans

It is very hard to find negative points in Sanlam Personal Loans, after all it ends up delivering even more than most loan providers deliver. Therefore, there are only 2 negative points.

One point that might bother you is that early settlement of the account incurs penalties, so you need to settle the account between 24 and 72 months after taking out the loan. Another important point is that if a loan is granted, those with bad credit will pay a higher interest rate. If none of this matters to you, move on.

Requirements for Sanlam Personal Loans

For you to get a loan from Sanlam Personal Loans, you need to have a good credit profile with a good monthly income. In order to qualify for this great personal loan opportunity, you need to:

  1. To qualify for a loan, you need to work and live in South Africa.
  2. There is no explicit minimum income requirement, but Sanlam will assess your income level when deciding whether you can afford a personal loan.
  3. Sanlam will only consider your personal loan application if your credit score is in good condition.

After Sanlam has verified your information, you can wait for your approval. If all goes well, you will receive the loan money quickly.

How to Apply

The process of qualifying for Sanlam Personal Loans actually starts with an online form that you must fill out with some personal information on their website.

You will need to take your documents, scan them, and submit them, pending a response from the bank.

Credit Card
Sanlam Personal Loans
Minimum interest rate of 15% Apply for loans from R5,000 to R300,000
Get up to 20% of your payments returned
Click here to Apply On credit card page
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