Experience the unique rewards of a personal loan program offering fixed interest rates and bonuses on repayments. Here is our Sanlam Personal Loans review.

This loan is best for working or self-employed individuals who need funds for personal purposes. Pay for education, improve your home, or consolidate debts with this loan!

Sanlam Personal Loan is a top-notch personal loan program in South Africa. It offers a money loyalty program that returns a portion of the loan amount to borrowers as bonuses. 

The loan has a fixed interest rate, customized for each account holder, which makes budgeting more effective. You can use it for various purposes such as paying for education, home improvement, debt consolidation, etc. 

You can do the loan application online or over the phone, and Sanlam accepts your application, they will deposit it in the applicant’s preferred account.

The Sanlam Personal Loan is available to those who are working or self-employed, with an age of at least 18 years and a minimum income. 

The minimum loan amount is R1,000 and the maximum is R250,000. The interest rate is fixed for the loan term, with a minimum rate of 15% per year and a maximum of 25% per year. 

The loan comes with a monthly service fee of R69 and a one-time initiation fee of R1,207.50. Sanlam Reality program members who make 12 consecutive repayments can receive up to 20% of their repayments back. The loan must be repaid within 24 to 72 months.

The maximum loan amount and access to Sanlam Reality are some of the advantages of the Sanlam Personal Loan.

A low minimum interest rate compared to other personal loan providers and the option to increase the loan by R1,000 at any moment are also benefits. 

However, early account settlement incurs penalties and those with poor credit will pay a higher interest rate.

The loan requirements include a green barcoded ID or Smart ID, the last three months’ payslips or bank statements, proof of residence, and bank account details.

So, now that you are familiar with this loan’s details, let’s compare its main benefits and disadvantages. Our Sanlam Personal Loans review would be incomplete without it.

Check out the list of pros and cons we’ve prepared below.

Sanlam Personal Loans does not specify their credit score requirements. However, it is worth pointing out that the higher your credit score, the higher your chances of being approved.

Do you like what you have seen in this Sanlam Personal Loans review? If so, click the link below to access our application guide, and learn how to get your loan today!