There are different reasons why people go for personal loans. It could be due to unforeseen expenses or the need for capital for new projects. Sanlam offers personal loans up to R 150,000 that comes with a fixed interest rate. Their loans are unsecured and their repayment period is between 2 to 6 years.
However, customers can choose the amount and repayment period that conforms to their needs. These loans range from R 3,000 to R 150,000. Their increments are R 1,000. Once your loan has been approved, the funds get deposited into your bank account.
Sanlam started in 1918 and initially offered insurance products before turning into a financial service provider. It serves the regional and foreign markets. The institution started through a partnership between Afrikaners and Scotsman. At first, Sanlam was a subsidiary but became independent in 1954. Today, this bank is known for offering different kinds of loans.
To apply for a loan successfully, there are some documents and requirements that Customers need to fulfill.
It is very easy to apply for loan online. Applicants can choose to call them on their landline number or do it online on their website. No paperwork or interviews are required. However, applicants will get a specialized agent who will help them choose the appropriate products. Usually, the amount is determined by applicants financial situation at the moment and is, therefore, subject to credit approval.
Sanlam consultants usually determine the customer’s interest rate as per their personal risk profile. The repayment term can range from 2 to 6 years. Their interest rate also ranges from 21.9% to 27.50% per annum. The rate is compounded monthly.
As an example of how this is done is assuming a loan with the interest rate of 27.5%. The amount is R 50,000 and a once-off initiation fee of R 1,207.50 and a monthly administrative fee of R 69 to be paid over 6 years. The total amount of loan cost will stand at R 110,013.57. This is a maximum ARP (annual percentage rate) of 30.76%.
Benefits of Sanlam Personal Loan Products
• Their interest rates are normally fixed
• They offer the customer the possibility of arranging the amount and loan repayment, effectively according to their financial state
• Sanlam loans are easy to acquire and economically convenient
• Sanlam has a reputation for being a very accountable South African financial institution