Do you need money for unexpected expenses, a medical or business emergency or to fund a specific project? Sanlam can offer you a personal loan with a fixed rate according to needs and circumstances. They are a responsible credit provider and will never lend you more than you can comfortably afford to repay. Here’s a quick run-through of Sanlam loans and how they operate.
About Sanlam loans
Sanlam is a complex financial service group that has been in creating value for its stakeholders since 1918. With their headquarters in South Africa, they are in full operation across several selected global markets. 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.
What are the requirements for applying for a Sanlam loans?.
Before applying for a Sanlam loan. It is important you have a couple of documents readily available. Some of these documents include;
- 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.
What is the minimum/maximum amount of loan you can get from Sanlam Loan?
The maximum or minimum amount you can receive from a Sanlam loan is based on individual circumstances. Sanlam loan offers credit services with a minimum of R5000 and a maximum of R250000. They consider actors like credit score and financial history are during evaluation.
Interest rates and other fees.
Personal loans from Sanlam come with a few fees. Here are a few examples:
1. Initiation fee.
There is a maximum fee of R1207.50. Based on your credit profile, Sanlam determines how much you will pay for a loan.
2. Interest.
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%.
3. Monthly service fee.
In addition, you will be charged R69 per month for service.
What are the requirements for applying for a Sanlam loan?.
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 do I know if I qualify for a loan?
Financial institutions look at five common requirements when evaluating loan applications.
- Credit history and score. One of the most important factors a lender considers when evaluating a loan application is the applicant’s credit score. …
- Income. …
- Debt-to-income Ratio. …
- Collateral. …
- Origination Fee
How to apply for a Sanlam 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.
Sanlam loan interest rates
Sanlam loan has standby consultants ready to get on your application and start a credit check assessment immediately. They determine your interest rate and initiation fee according to your personal risk profile.
Your loan repayment term can range from 24 to 72 months, and the interest rate is between 18.55% and 24.50% per annum (compounded monthly).
How long does it take for Sanlam to pay out pf?
A withdrawal claim is processed within 4.5 working days, with approx. 2000 claims processed per month. Contributions are invested immediately. 99% of contributions are invested within one day of receipt.
Important things to note before applying for a Sanlam loan
There are a few things to note before actually applying for a Sanlam loan. While some of these points are beneficial and helpful, others cannot be overlooked. Some of these points include;
- You can tailor your repayment term to suit your budget (from 24 months to 6 years)
- Repayments are fixed for your full loan term so that you can budget ahead easily
- Sanlam will always take your current financial circumstances into consideration and never lend you more than you can comfortably afford to repay
- Qualifying Sanlam Reality members could get up to 20% of their loan repayments back once they’ve made 12 consecutive repayments.
Advantages of Sanlam loans
When you choose Sanlam loan as your credit institution, you can take advantage of the following benefits:
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. Sanlam loans are safe
DirectAxis manages Sanlam personal loans, and they’re a reputable, authorized, and registered credit provider in South Africa.
Sanlam loans contact details
021 764 3404
Contact Us
Call Centre | 0861 02 03 04 |
Customer Care | 021 764 3404 |
Debt Consolidation | 0861 24 35 56 |
DirectAxis Loan SMS Number | 43885 |
Conclusion
Sanlam has a long history, but that 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?