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Sanlam Lender Review

Sanlam South Africa logo

Sanlam is a widely recognised financial services organisation based in South Africa. The company provides a range of financial services to both individuals and businesses in the country. These services include investment management, insurance, retirement planning, and more.

Additionally, Sanlam also offers personal loans to individuals who require access to quick cash for unforeseen expenses or emergencies. These loans can be helpful for those who may not have immediate access to funds or may need to borrow money to cover expenses such as medical bills, car repairs, or other unexpected costs.

In this review, we’ll take a closer look at what Sanlam has to offer.

Sanlam Personal Loan at a Glance

Sanlam Personal Loan at a Glance

  • Loan amount: R5 000 - R300 000
  • Loan term: 12 - 72 months
  • Interest rate: 16% - 28,75%
  • Initiation Fee: Will be determined according to your personal risk profile
  • Monthly Service Fee: R69

What You Should Know:

Sanlam is a highly respected financial service provider in South Africa, known for its popular personal loan program. Sanlam's fixed interest rates are customised based on each individual client's personal risk profile. This means that you can expect a lower interest rate if you have a good credit score.

Sanlam personal loans are versatile and can be utilised in various situations, including debt consideration, home improvements, medical expenses, or other unexpected expenses.

Pros
  • Sanlam is a trusted and well-established company known across the company for its financial services and products.
  • Sanlam offers a wide range of financial services to South African citizens.
Cons
  • Some customers complain of high fees in relation to other financial service providers in South Africa.
  • The company may have strict eligibility criteria regarding borrowers with low credit scores.
  • Early account settlement incurs penalties, so it's not best to try and settle your debt before the repayment plan is finished. 
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.

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How Do Sanlam Loans Stand Out?

Sanlam personal loans come with a fixed interest rate, which means that the interest rate will not change over the course of the loan. This provides predictability and allows you to plan your finances accordingly. Additionally, the repayment terms are usually reasonable, making it easier for you to pay back the loan in a way that fits your budget.

Sanlam personal loans are also flexible. If you find that you need to borrow more money during the loan term, you can easily adjust the loan amount by adding R1000 to the existing loan. This can be convenient if you encounter unexpected expenses or financial emergencies.

Sanlam borrowers win car

Sanlam Loan Products 

Personal Loans

Sanlam personal loans are designed to offer quick relief to those needing funds for a medical emergency, unexpected expense, or other projects. Sanlam offers up to R300 000 at a fixed interest rate for personal loans. Personal loans can be repaid on a personalised repayment plan, from 12 months to 72 months (6 years).

Home Loan

Sanlam provides home loans for buying a property or doing renovations. They offer an online pre-qualification service that makes the process faster and easier. With this service, you can apply for a home loan and get an estimate of how much you can borrow based on your financial situation and creditworthiness without having to meet with a loan officer in person.

Benefits of Taking a Personal Loan From Sanlam

Sanlam provides a range of benefits to potential clients. One of these benefits is the flexibility of interest rates on their loans, which depends on the client’s personal risk profile – including their credit score and income. In addition, Sanlam’s minimum interest rate is relatively low compared to other personal loan providers in South Africa.

Another benefit of applying for a Sanlam personal loan is its quick and easy online application process, which saves potential clients a lot of time and effort. Sanlam’s Loans can be increased by R1000 at any moment, allowing clients to adjust their loan amount as their needs change over time.

Sanlam’s personal loans offer flexible repayment terms, ranging from 12 to 72 months. This allows applicants to choose the length of time over which they wish to repay the loan, giving them greater control over their finances.

Sanlam Personal Loans provide borrowers access to Sanlam Reality, a loyalty program that allows them to earn rewards points on their loan repayments. These reward points can be redeemed for various benefits and discounts, such as cashback on grocery purchases, discounted airfares, and savings on fuel purchases.

By participating in Sanlam Reality, borrowers can recoup some of the money they have paid towards their loans, helping them to save money and manage their finances more effectively.

Sanlam Personal Loan Interest Rate and Fees

The interest rate for a personal loan from Sanlam can range from 16% to 28.75%. When you apply for a personal loan from Sanlam, they take a few factors into consideration before offering you a fixed interest rate. 

One of the most important factors is your credit score, which is a measure of how responsible you have been with credit in the past. If you have a high credit score, you are more likely to be offered a lower interest rate, while a low credit score could result in a higher interest rate.

Another factor that can impact your interest rate is the term of the loan. A longer loan term can mean lower monthly payments, but it can also mean a higher overall cost of borrowing since you’ll be paying interest for a longer period of time.

Finally, Sanlam runs a personal risk profile on each applicant that can also influence the interest rate you are offered. This is based on factors such as your income, employment status, and overall financial stability. If a lender views you as a higher-risk borrower, they may offer you a higher interest rate to compensate for that risk.

It’s also worth noting that personal loans are unsecured, which means they don’t require any collateral (such as a house or car) to be put up as security for the loan. Because there is no collateral, lenders see these loans as riskier than secured loans and therefore charge higher interest rates to offset that risk. In addition to the interest rate, Sanlam also charges a monthly service fee of R69 for their personal loans.

How To Qualify For Sanlam Personal Loan

To qualify for a personal loan from Sanlam, you would need to meet the following requirements:

  1. Hold a South African ID
  2. Have proof of residence
  3. Be 18 years or older
  4. Have three months’ bank statements or payslips
  5. Your banking information

How to Apply for a Sanlam Loan

The best way to apply for a Sanlam loan is to use BetterLoans. In addition to Sanlam, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

You can apply for a personal loan online through the official Sanlam website. To apply, fill in the required information on the website, or alternatively, go to your nearest Sanlam branch. You can also call +27 861 44 00 44 to check if you can apply for a Sanlam personal loan.

How Long It Takes Sanlam to Approve a Personal Loan

If your application is filled in correctly and you have provided all the necessary documents, a personal loan could be approved within a few business days. The approval process will take longer if Sanlam requires additional information or documentation. 

Is Sanlam a Trusted and Reliable Lender?

Sanlam is a reputable financial services company that has been in operation since 1918. The company offers a range of financial products and services, including insurance, investments, and loans.

As for their lending services, Sanlam Personal Loans is a registered credit provider with the National Credit Regulator (NCR), which means they comply with all the necessary regulations and laws regarding lending in South Africa. This should assure potential borrowers that Sanlam is a legitimate and trustworthy lender.

Sanlam has gotten mixed customer reviews on Hellopeter.com, with most customers expressing dissatisfaction with customer service. However, it’s best to do your own research before taking out a loan from any lender.

Sanlam is dedicated to offering dependable and ethical financial solutions to its clients. In order to prevent individuals from incurring excessive debt, the company ensures that it never lends more money than the borrower is capable of repaying. 

Sanlam Contact Details

Frequently Asked Questions (FAQs)

Sanlam offers an interest rate between 16% and 28.75% per annum (compounded monthly), depending on the type of loan and your personal risk profile.

You can borrow up to R300 000 with a Sanlam personal loan if Sanlam feels that you would be able to repay this amount.

Yes, you can apply for a Sanlam personal loan online. Applicants can visit the official Sanlam website and follow the prompts to apply for a personal loan from the comfort of their home.

Foli Raheem
Foli Raheem

Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.