See How to Apply for the Sanlam Personal Loans

What to know before applying?

Sanlam offers personal loan plans of up to R300,000 with increments of up to R1,000 and a repayment term of up to 6 years!

Sanlam is a prominent financial services company in South Africa, known for offering a range of personal loans with competitive features.

Established as a significant player in the financial sector, Sanlam has developed a reputation for reliability and innovation in loan services.

Sanlam provides personal loan plans with amounts ranging from R5,000 to R300,000.

The loans feature fixed interest rates, which vary from 16% to 29.25% depending on individual credit conditions. The company allows borrowers to request loans in increments of up to R1,000. 

You also have to pay a unique initiation fee of not more than R1,200 and a monthly administration fee of R69.

Loan repayment terms are flexible, with options ranging from 12 months to 72 months (1 to 6 years).

Sanlam carefully assesses each borrower’s credit capacity to ensure that they are not offered more than they can comfortably repay.

This approach helps in maintaining responsible lending practices and ensures that borrowers are not overburdened with debt.

The use of Sanlam loans is versatile. Borrowers can use the funds for various purposes, including debt consolidation, home improvements, education, medical emergencies, and other daily needs.

This flexibility makes Sanlam a viable option for individuals needing financial support for diverse personal or professional reasons.

If you want to learn more, keep reading.

Who can Apply?

Sanlam follows traditional practices for providing unsecured personal loans, and the basic requirement is to be at least 18 years old.

The applicant must be a resident and employed in South Africa; it does not apply to individuals born outside the country.

Additionally, you will need to submit proof of income with a minimum fixed monthly earning and demonstrate a good credit history.

These two factors will be considered when determining the loan amount.

You also have to send the following documents:

• A clear copy of their South African ID
• A recent document confirming their residential address
• Recent bank statements in PDF format or pay slips as proof of income

How do I Apply for the Sanlam Personal Loans?

To apply for the loan, you can select the “Apply Now” option to request the amounts from Sanlam.

In the application, you will need to provide basic information such as your full name, ID number, phone number, gross monthly income, and email address.

You can also request verification by calling 086 144 0044, where you will receive an assessment from the bank to review the conditions.

After submitting your information, the bank will conduct a thorough credit analysis to make a proposal, providing the conditions before final acceptance.

It is important to note that the loan calculator provides a preliminary estimate, but the final proposal from Sanlam may differ based on the personal credit analysis.

More Details

Sanlam also incorporates DebiCheck, a new initiative by the South African Reserve Bank and the Payments Association of South Africa.

This system is designed to protect borrowers against fraudulent debit order authorizations.

If you choose to take out a loan with Sanlam, you may be required to authorize your debit order through DebiCheck, adding an extra layer of security to the payment process.

One of the unique features of Sanlam’s personal loans is the Wealth Bonus.

Borrowers can earn up to 10% of their loan amount in Wealth Bonus, which is a monetary reward offered by the company for qualifying products.

At the end of the loan term, borrowers have the option to transfer their Wealth Bonus to an EasyEquities account to continue growing their bonus, or it can be deposited directly into their bank account if they do not open an EasyEquities account.

Want to learn another option?

If you’re looking for a South African bank, learn more about Nedbank, which offers plans of up to R300,000 with up to 6 years to repay.

The bank provides extensive security for personal loan operations, and you can see how to apply.

Written by

Gabriel Gonçalves