How to apply for a Sanlam loan

Sanlam is one of the biggest financial services companies in South Africa. It offers a range of financial services from insurance to loans. It has a great deal of both positive and negative reviews. This is a guide on how to apply for a Sanlam loan.


Sanlam offers personal loans of up to R200 000, with a repayment period of up to 72 months. The minimum amount you can apply for is R5 000 and the lowest repayment period is 24 months.

After you have been approved for a loan, Sanlam will determine your interest rate and your initiation fee, depending on your credit profile. The interest rate is between 20.25% and 24.50% per annum. You will also have to pay a monthly admin fee of R60.

It’s highly advisable to take the shortest payment term, you might end up paying more than double your loan if you take 6 years to pay it off.

Here is a quick example, if you take out a loan of R50k with an interest rate of 24.50% then you will end up paying over R102 000 after 6 years. This includes the initiation fee and monthly admin fee.

If you choose to pay off this loan within 24 months then you are likely to pay around R69k in total, which would be an extra R20k (rounded off). Which is not as bad as paying more than double over a longer timeframe.

What do you need before applying?

When applying for a Sanlam loan, you need a copy of your ID, your latest 3 months bank statement or payslips and your bank account details. This means you have to have a source of income; you can’t apply for this loan when you are unemployed or when you don’t have any source of income.

You will also be required to enter your phone numbers and gross monthly income during the loan application process.

How to apply

To apply for a Sanlam loan simply head over to the Sanlam website and navigate to personal loans. From there you will have to fill in a form when applying, with your identity details and your gross monthly income. Sanlam will process your application and get in touch with you to further discuss your loan terms.


This was a guide on how to apply for a Sanlam loan. Do you have any thoughts or questions? Comment below.

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