Sanlam Personal Loan Review 2022

Sanlam Personal Loan

Sanlam Personal Loan is one of the most innovative personal loan programs in South Africa, returning a portion of the loan amount to borrowers as bonuses. Sanlam offers a money loyalty program that rewards personal loan account holders with up to 20% of their loan amount.

The Sanlam Personal Loan has a fixed interest rate, which allows account holders to budget more effectively. Furthermore, Sanlam’s interest is customized, and each Sanlam Personal Loan account holder receives a unique interest rate on their loan.

The Sanlam Personal Loan can be utilized to make a significant difference in one’s life by paying for one’s education, improving one’s home, consolidating debts, and so on. The borrower must select what they intend to do with the loan amount as soon as it becomes available.

The loan can be applied for online through the Sanlam website or over the phone by calling Sanlam. Following acceptance, the loan is deposited into the applicant’s preferred account.

Sanlam’s personal loan competes with some of the big banks’ personal loans in terms of features. Below is further information on the Sanlam personal loan.

Sanlam Personal Loan Summary

Sanlam Personal Loans are provided to those who are working or self-employed and make an income. To be considered, applicants must be at least 18 years old at the time of application. The minimum loan amount available is R1,000.00, and the maximum loan amount available is R250,000.00.

The Sanlam Personal loan has a customized interest rate that is fixed for the term of the loan. The loan has a minimum interest rate of 15% per year and a maximum interest rate of 25% per year.

The Sanlam Personal Account has additional fees in addition to the interest. The personal loan has a monthly service fee of R69.00 that must be paid every month until the loan is paid off. The other cost is an R1,207.50 one-time initiation fee.

Personal loans entitle borrowers to participate in the Sanlam Reality program. Once you’ve made 12 consecutive repayments as a member of the Sanlam reality, you can get up to 20% of your repayments returned.

The loan must be repaid in instalments as soon as possible once it is obtained. The loan comes with a 24-month minimum repayment period. The loan has a 72-month maximum repayment period.

Advantages of the Sanlam Personal Loan

  • The maximum loan amount available is too high and can be used for any personal purposes or desires.
  • Sanlam Personal Loans provide personal loan borrowers with access to the Sanlam Reality, which allows them to recoup some of their repayments.
  • The maximum payback time is reasonable, and it can help low-income people avoid becoming overly indebted.
  • Sanlam Personal Loans can be increased by R1000.00 at any moment.
  • Because interest is individualized, you can get a reduced rate if you have a strong credit rating.
  • When compared to some of the personal loan providers in South Africa, the minimum interest rate is low.

Disadvantages of the Sanlam Personal Loan

Early account settlement incurs penalties, thus it is necessary to settle the account between 24 and 72 months after taking out the loan.

If a loan is granted, those with poor credit will pay a higher interest rate.

Requirements of the Sanlam Personal loan 

  • A copy of your green barcoded ID book or Smart ID card.
  • The last 3 months’ consecutive payslips or bank statements
  • Proof of residence that is not older than 3 months at the time of application. 
  • The bank account details (account into which your salary is paid)

Conclusion

The Sanlam Personal Loan has a moderate interest rate, making it appealing to anyone looking for a personal loan in South Africa. Being a loan account holder entitles you to join the Sanlam reality program, which pays you for making timely repayments. It is possible to receive some of your repayments back, which is uncommon of in South Africa.

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