Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Sanlam Personal Loans Review

Apply for a loan of up to R200,000 with Sanlam.

No reviews yet. Write a review
Payday loans are expensive forms of credit and shouldn’t be used to fix long-term financial issues. People should avoid payday loans if it will put their budget under strain, as late fees for payday loans can build up quickly and result in debt.

Sanlam offers a wide range of financial services to both individuals and businesses – its suite of personal finance options include personal loans, investment products, financial planning, insurances, among others. Read on to find out what you need to know about Sanlam Personal Loans.

Types of personal loans from Sanlam

Sanlam personal loans are suitable for many different purposes. Some of the types of loans you can apply for at Sanlam are:

  • Personal loan. With Sanlam, you can apply for a loan amount that ranges from R5,000 to R200,000. You’ll have to commit to fixed monthly repayments until your loan is paid off in full. Your loan repayment term can range from 24 to 72 months, and the interest rate is typically fixed between 18.55% to 24.50% p.a.
  • Debt consolidation. You can apply for a loan via Sanlam for the purpose of consolidating your debts. In fact, 19% of Sanlam’s customers opt to use their funds for debt consolidation. If you successfully apply you may be offered an interest rate which is lower than your existing debts, saving you interest on your loans.
  • Home improvements. Consider a personal loan from Sanlam if you are looking to do home improvements. Sanlam loans can be awarded at attractive rates, which are ideal for funding an investment into your home. More than a quarter (26%) of Sanlam customers use their loan for home improvements.

Before signing up to a personal loan with Sanlam, you should read and understand your loan’s terms and conditions. And be fully aware of the fees and charges linked to your loan, such as the monthly service fee and a loan set-up cost among others.

Features of a Sanlam personal loan

  • Rates of interest. Your interest rate is calculated based on factors including your credit score. Your personalised interest rate could start from 18.55%.
  • Unsecured loans. Sanlam loans are unsecured, so, you don’t need to offer an asset as collateral for your loan. Read our guide to unsecured loans for more information.
  • Credit life insurance. When taking out a loan with Sanlam, you’ll have the option of taking out life cover to ensure your monthly repayments can be met if you die during the loan term.
  • Cashback deals. Sanlam Reality members may be eligible to get up to 20% of their loan repayments back once they’ve made 12 consecutive repayments. Capped at R20,000. Terms and conditions apply.
  • Online application. Everything can be taken care of online, ensuring a speedy and convenient service.
  • Security. Loans from Sanlam are administered and managed by DirectAxis, an authorised Financial Services Provider.

    Pros and cons of a Sanlam personal loan


    • Flexibility – smaller loans start from just R5,000, and these go up in further increments of R 1,000.


    • Lower interest rates may be available – for example, Capitec’s personal loan rate starts from 12.9% p.a.

    How to apply for a personal loan with Sanlam

    Once you’re sure you are able to meet both the eligibility requirements and the full repayment plan for a loan, you can apply directly through Sanlam’s website. If you need any further help with your application, call Sanlam’s personal loans call centre on +27 86 144 0044.

    How long does sanlam take to pay out a personal loan? That varies from customer to customer; according to Sanlam’s website, the funds of your loan amount will be deposited ‘quickly and directly’ into your bank account.

    Eligibility requirements

    • Residency. To qualify for a loan you have to both work and live in South Africa.
    • Income requirement. There is no explicit minimum income requirement, but Sanlam will evaluate your income level as it decides whether you are able to afford a personal loan.
    • Credit file. Sanlam will only consider your personal loan application if your credit file is in good standing.

    Required documents and information

    • ID. You’ll need a copy of your green barcoded ID book, or Smart ID card
    • Income verification. You must show three consecutive months of payslips or bank statements
    • Bank details. You must give your bank details, specifically, the account into which your salary is paid
    • Assets, liabilities, expenses. To help evaluate your suitability for a loan, Sanlam might ask you to show proof of your assets, liabilities and regular expenses

      More guides on Finder

      • Buy now, pay later (BNPL) stats

        The Finder Buy Now, Pay Later (BNPL) report looks into the biggest regrets people have using BNPL services in 23 countries.

      • Compare secured vs. unsecured loans

        Learn what the differences are between secured and unsecured loans. Compare car loans and other loan types for required collateral.

      • Capitec Personal Loans Review

        Capitec offers a customised personal loan product with competitive rates and gives one the flexibility to be able to have a loan on your own terms.

      • Bad credit and need a personal loan? You have options.

        There are online lenders who approve applicants with bad or poor credit. But you should first understand what to avoid if you’re thinking about applying for such a loan.

      • Personal overdraft facilities

        A personal overdraft unsecured loan can give you the peace of mind you need knowing that you have instant access to money if an unexpected emergency pops up.

      • Online Personal Loan Lenders

        You don’t have to go into a bank to get a personal loan – here’s what you need to know about online personal loan lenders.

      • Secured personal loans

        Find out how secured personal loans work, how to apply and what to watch out for.

      • Debt consolidation loans

        Overwhelmed with debt? Find out what debt consolidation options are available and find one that might work for you.

      • Low interest rate personal loans

        Locking in a low interest rate can help keep your ongoing costs low while you finance the personal purchase you want and need. Read on to find out how you can compare low rate personal loans.

      Ask an Expert

      You are about to post a question on

      • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
      • is a financial comparison and information service, not a bank or product provider
      • We cannot provide you with personal advice or recommendations
      • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

      By submitting your comment or question, you agree to our Privacy Policy and Terms.

      Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
      Go to site