Are you in need of funds for unforeseen expenses, a medical or business emergency, or to fund a specific project? You can take out a personal loan with a fixed rate from Sanlam loan based on your particular needs and circumstances.
What are the steps to applying for an FNB loan? This article contains the requisite information for everything you need to know.
About Sanlam loans
A diversified financial services group headquartered in South Africa, Sanlam operates across a number of global markets. In addition to their operations in South Africa, the group has expanded into several global markets. The headquarters of the company is in South Africa, in Durban.
Sanlam is classified as a domestic systemically important financial institution in South Africa. They contribute to the financial resilience and prosperity in all the markets they are present.
An overview of Sanlam personal loans in South Africa.
As the name suggests, Sanlam personal loans exist to meet your specific needs. Among its many uses are debt consolidation, home improvements, funding for vacations, and so on. Additionally to offering large loan amounts, Sanlam offers fixed-rate personal loans with flexible repayment terms.
Depending on your income, you can obtain a loan from up to R200 000. A vital component to borrowing money is ensuring you don’t borrow more than you can afford. To ensure that you get a personal loan that best suits your needs, Sanlam performs a credit check and evaluates your financial situation.
Read on to find out how else a Sanlam personal loan can benefit you.
How do Sanlam personal loans work?
Every financial institution tends to have its own particular characteristics. Sanlam, as the oldest financial institution in South Africa, has the following features.
- Applicants can apply for these loans online, at their convenience.
- Sanlam offers personal loan amo.unts that start from R5 000 and increase by R1000 up to R200 000
- Sanlam provides highly flexible payment terms. You can choose to pay back your Sanlam loan over a period of 1 to 6 years.
- The repayments on your loan are fixed, so you will pay the same amount each month until it is paid off.
- Sanlam performs a thorough check of your finances and will use your current financial situation to determine the right amount you can borrow.
- Sanlam Reality members who manage to make all their monthly repayments on time for a year may be eligible to get a fifth of their repayments back.
Interest rates and other fees.
Personal loans from Sanlam come with a few fees. Here are a few examples:
- Initiation fee.
There is a maximum fee of R1207.50. With your credit profile, Sanlam analyzes the risk associated with giving you a loan, which in turn determines how much you pay.
Your credit profile determines your interest rate. The interest rate on your loan will probably be higher if they determine you to be a high-risk borrower. Generally, interest rates range between 8.5% and 24.5%.
- Monthly service fee.
In addition, you will be charged R69 per month for service.
What are the requirements for applying for a
Before applying it is important you have a couple of documents readily available. Some of these documents includes;
- A copy of your green barcode ID book or smart ID card.
- Your bank account details (account into which your salary is paid)
- A copy of your last 3 months’ consecutive payslips or bank statements.
Lastly, it is important to note that, to qualify for a loan, you must both live and work in South Africa. That being said, are you in need of a loan and have all these documents available? If yes, then consider yourself a step closer to getting your desired amount in no time.
How to apply for a Sanlam personal loan.
Along with providing some of the best services and terms available, Sanlam is also making sure they stay in touch with the latest advancements in technology. As a result, the process of applying for a personal loan is quite fast and convenient.
With a Sanlam personal loan, you don’t need to visit a branch or join a queue and you can apply online in the comfort of your home.
All you have to do is click here. You’ll be redirected to their loan application page, where you will find an easy-to-complete online application form. After submission, all that’s left is to wait for your response.
It is a loyalty program that offers several discounts and rewards to anyone who joins. Upon entering the program and taking out a Personal Loan with Sanlam, you can potentially get 20% of your monthly instalment back if you make your repayments on time after a year.
This inspires a lot of loyalty since you know that you’re being rewarded for your responsible behaviour.
Sanlam loans for the blacklisted
Before Sanlam can provide you with a loan, it performs a credit check. When you are blacklisted, you are not immediately turned away. In order to determine how much money they can offer you, Sanlam will look at other factors.
Due to their high-risk nature, blacklisted loans usually have high interest rates and higher initiation fees.
Sanlam personal loans can help you consolidate your debts and manage your repayments if you’re having financial problems. Paying your monthly instalments on time will improve your credit score, allowing you to qualify for better loan terms.
Advantages of Sanlam loans.
When you choose Sanlam loan as your credit institution, you can take advantage of the following benefits:
- A fixed-rate of interest – Once Sanlam determines your interest rate, it remains the same throughout your loan. This also ensures that your monthly repayments are fixed, making it easier to make financial plans.
- The loans are unsecured – Sanlam loans don’t require you to put up your assets as security or collateral for your personal loan. That means that you won’t lose your property if you fail to make a payment.
- Credit life insurance – Sanlam offers a personal loan protection plan that ensures your loan gets paid in full if you die, become disabled, or are retrenched.
- Cash-back – If you join Sanlam Reality, you can get up to 20% of your loan repayments back once you have made 12 repayments non-stop.
- You can apply for the loans online – You do not need to leave your house since the application can be made online, at any time.
- Sanlam loans are safe.- DirectAxis manages Sanlam personal loans, and they’re a reputable, authorised, and registered credit provider in South Africa.
While the history of Sanlam is extensive, this doesn’t mean they dwell on the past. They have taken time to evolve regarding the technological advancement of financial systems. Now you have full access to a loan as you can fulfill their requirements with leaving your home. Pretty cool, isn’t it?