Sanlam Personal Loan Full Review
Are you seeking financial aid to get your life back on track or make the project a reality? Then, you must meet this R300,000 loan.
Are you tired of looking for personal loans and finding only high-interest deals with low amounts to borrow? Then discover Sanlam’s loans.
With one of the best personal loan deals in South Africa, Sanlam is borrowing up to R300,000 with fairly low interest and repayment terms ranging up to six years.
Below, you’ll learn everything you need to know about Sanlam’s personal loans, including its features, requirements, advantages, and much more.
Enjoy a multinational bank.
Founded in 1918, Sanlam is one of the major banks in South Africa and has grown to cross its country’s border, with various brands and subsidiaries across Africa, Europe, India, Malaysia, and the United States.
With over R9.0 billion in assets, Sanlam Bank has millions of customers who enjoy a wide variety of financial services and products.
Among the main services provided by Sanlam, clients can make full use of transactional banking, savings and investments, lending, foreign exchange, wealth management, loans, and much more.
Use Sanlam funds for anything you need!
Sanlam personal loans were created to suit all of its clients’ needs. The loan credit can be used to finance a range of purposes, such as consolidating debt, financing a major purchase, or covering unexpected expenses.
Customers can take out a Sanlam personal loan with amounts ranging from $R5,000 to R3,000, while the repayment terms can range between 1 and 6 years.
Currently, the bank is working with both secured and unsecured loans. With an unsecured loan, you don’t have to provide a collateral asset as a backup for your payments in order to receive funding.
When it comes to interest rates, Sanlam’s personal loans have one of the most competitive rates on the market, beginning at 16 APR%.
Sanlam Loan’s major benefits
Besides its low interest rate and high amount available for borrowing, Sanlam also provides several other advantages for its clients.
Those began with a fast and straightforward application process that can be completed entirely online and within a few minutes.
Sanlam loans also have credit insurance, which will settle any remaining debt you might have with the loan.
This insurance also provides partial coverage for temporary disability and retrenchment, which will be determined by your risk profile.
Others who benefit from Sanlam’s loans include:
- No prepayment penalty;
- No collateral is required.
- up to 72 months to repay.
Finally, but not least, clients who keep the loan’s payment on time will be eligible for a yearly sweepstakes that has a brand new car among its prizes.
Some potential drawbacks
When considering a personal loan, it’s important to keep in mind some potential problems.
With Sanlam, most of them are related to late payments and the fees associated with the loan, since Sanlam will charge you an initiation fee and monthly service fees.
As of today, Lime charges a service fee of R69 per month and a one-time initiation fee of R1,207.
These fees make Lime’s personal loans quite expensive, and often the fees themselves can be higher than the loan’s interest.
Keep an eye on your score!
It is also important to understand that taking out a personal loan can impact your credit score, both positively and negatively. That will depend on your compromise with the bank.
If you pay the bank on time, your score can go up. However, if you miss any payments or pay them after the due date, your score can go down.
Speaking of the due date, if you miss any of your loan payments, Sanlam will charge you a penalty, adding to the overall cost of the loan.
How do I apply for Sanlam personal loans?
Overall, Sanlam can be the best option for customers who are seeking a quickly-fudding personal loan and can keep up with its repayment terms.
If you’re interested in applying, tap the green button below and check out all the requirements to get approved for a Sanlam Personal Loan!