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What are Sanlam Personal Loans Available in South Africa? Application and Requirements

 In today’s economy, you may find difficulty on getting your deserved prizes. However, there’s an alternative that can be helpful for you. I’m talking about Sanlam Personal Loans, a company established in South Africa willing to help you pay those holidays you need so much. I’ll cover important data to apply with them fully informed.

What are the requirements to get a Sanlam loan?

One central point is to know if you meet the requirements to be eligible for Sanlam. In order to do so, Sanlam will need you to present some documents:

  • First, you must provide Sanlam with information from the accounts though which you get your wage paid.

  • Second, Sanlam will ask 3 payslips which must be consecutive with one another. Another option is to present the last 3 bank statements.

  • Third, they need to have a copy of your ID. It’s important to clarify you ought to be South African but also, be living and working in the country at the moment of applying in order to be eligible.

  • In addition, bear in mind that in case you’re married, Sanlam will also need your spouse consent to grant the loan.

How can I use Sanlam Online Calculator?

In just few steps, you can get an estimated of your monthly payments. You need to enter the sum of money requested; the repayment term and then, the calculator will show you a detailed result. Let’s take a look at the following example: you need to get R60 000 and, a term of 3 years to repay it. What the calculator shows is that, for this loan you should pay R 69 of service fee and, the rate will be around 26%, which leaves the monthly payments around R 2500.

What are the rates and fees Sanlam will charge on the loan?

When you take a Sanlam Personal Loan, this is what you must pay:

                1- Fixed interest rate which is set taking the applicant’s financial profile into account.

                2- Service fees applicants should pay every month to cover the common administrative expenses.

                3- Monthly payments that will include the previous points plus, part of the principal borrowed.



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Can I get quick loans with Sanlam?

Even though this company doesn’t offer quick short term loans, they are fast as transferring the money after you get the approval. And, you can probably choose a loan amount not too high so, you can have Sanlam as a choice either way.

How can I contact Sanlam in South Africa?

Following, you’ll find the phone number, email address and, physical address to get in touch with them:

Sanlam contact number is 08 60 72 65 26, Sanlam email address is info@sanlam.co.za and, their head office address is in Bellville. You can go to Strand Road 2 and, you will find it.

Is it possible to go over an online application with Sanlam?

    Yes! In fact, you can cover the entire process without having to leave your house. You start by checking the requirements and documents requested and, making sure you comply with them. Then, you try to find out an estimated monthly payment to decide if you’re willing to dedicate that amount of money every month to the installment. When using the calculator, remember it’s just an estimated. The interest rate will be agreed by Sanlam as regards your credit profile. Following, you can complete the application form from your computer and, wait for the answer. As these loans are regulated by the National Credit Act, you’ll have to be under certain affordability checks. Even though this delays the process a little, it’s good to know you’ll only be approved if you’re financially capable of affording the loan as, it will prevent you from entering a contract you can’t comply with. Once the approval is granted, Sanlam will deposit the money in your account and, month after month they’ll debit it from it as well until the complete fulfilment of each installment.

Sanlam main Benefits

    There’s an important benefit to highlight and it’s that Sanlam grants unsecured loans so; you don’t need to leave one of your possessions as collateral. Besides, once you have the money in your account it will be entire yours so, you can use it as you want or need. Another benefit worth remember is that, once the contract is signed, there won’t be a future increase on the payments. No matter what happens with the interest rate, your loan will stay the same as agreed. This is important for you to know how to manage your expenses. I want to remind you also that as Sanlam will take care of debiting the repayment amount, you won’t have to be troubled about remembering or doing errands to pay them.

    Sometimes, you’re in the middle of the application process online and, suddenly something happens that you can’t go on with it or, maybe, you need to think about terms carefully one more time. If this happens to you, you don’t have to panic as Sanlam will save what you’ve done so far. So, when you have more time, you will be able of finishing without having to start all over again.

    Apart from these amazing benefits, there are extra ones that will blow your mind. Sanlam is known for awarding their applicants with special prizes. For example, for those who qualify Sanlam gives them back around 20% of the total repayments after they reach 12 payments in a row. That is to say, if you pay 12 installments without getting behind on any of them, you may get back a percentage of those payments. If you become a Sanlam’s clients, you should keep track of these unbelievable special sales so as to don’t miss any of them.

    Getting a loan contract must be taken care seriously and, you should be totally informed before applying. That’s the reason why I want to invite you to leave any question you need to ask. So, please don’t think it about twice and, leave us your comment below so we can help you.

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Questions and Answers

I want to make a loan of r 200 000.00, can I get it?
Although Sanlam works with that amount, actually it is the highest amount they lend, you have to be a qualified applicant to be granted the loan. Applicants are seen as qualified if their credit history is good, to start with, and then, if they gain a monthly salary high enough to cover the cost of the loan. So, you can get in contact with the bank to find out how much money can you borrow.
Can l have a loan to pay all my debt and rely on one account?
Sanlam does not have consolidation loans among their products but, either way, it would be a great idea if you do that. If you qualify for the amount you need, you can use the money granted by Sanlam to cancel all your existing debts and, focus on paying only this new Sanlam’s loan.
If I want a loan which is above 2 thousand, how much will the monthly payment be?
To start, let’s clarify you should ask from R5000 onwards with Sanlam. Then, what you pay each month goes along with how much time you get to cancel the loan. For example, 5000 rands in 2 years will have a monthly cost of 400 rands more or less. But, that amount payable in 3 years, may have a monthly cost of 319 rands approximately.
Do I have to use all the money at once?
No, you don't. You are entitled to choose when and how to use the money.
Are the interest rates fixed?
Yes, they are. Fixed interests prevent you from unpleasant surprises.
How can I know how much I am authorized to borrow?
When you contact or are contacted by one of Sanlam agents, they can explain that to you. You can also acces the loan simulator and check.
Do Sanlam loans work together with Direct Axis?
Yes, they do! You apply and discuss your terms with Sanlam but, is Direct Axis the company that administers and manages the loan. For you to feel safe, Direct Axis is a financial service provider properly authorized and registered as such. So, there’s no reason for you to worry about the legality of these loans.
I would like to start afresh and the best is to consolidate my loans
Yes! That is a good idea, indeed. Sanlam does not have a product specifically made for that purpose but, you can still take advantage of their personal loans. If 200000 rands is enough to cover your debt and, you have a good credit score, Sanlam will have your loan request as a fine option. Having only one debt will make your life much easier.
I’m member of Sanlam can I get a loan. I did invest for retirement annuity?
As long as you live and work in South Africa, you get regular income and you obtain that income in a bank account, you can take the first step to get a loan with Sanlam. Of course, the bank will need to verify that information and, take it into consideration to make you an offer.
Do I qualify to get a personal loan from Sanlam? If yes, how much can I get?
Starting, you know that you qualify for a loan if you can prove you’re from SA (living in the country) and you have a steady job. Bear in mind that your salary must be paid in a bank account for Sanlam to do the transaction through it. How much money can you borrow will depend on your income and credit history.
Good morning. What will personal loan rates be over a period of 24 month for the amount of r 25000?
As the rate is decided by Sanlam after checking your information, you need to apply with the entity to have the official rate for your loan. Either way, for the terms you ask, the interest rate may be between 22 % and 27.75 %. That rate would leave each instalment you would have to pay on R 1500 approximately.
I want to find out where is the best place for a loan to do some renovations at home
There are several options for you in South Africa. On one hand, you may go for loans made for that purpose. On the other, a personal loan can also be useful. Mainly, it will depend on what you feel more comfortable with. If you go over Absa, FNB, WesBank or Nedbank, I’m sure you’ll find what you need. Remember, you can find out about them here, in our platform.
I need an amount for interest charged on a loan of r10 000?
You will get how much your interest rate is when you complete your loan request with Sanlam as, it will be defined specifically taking into consideration your financial profile. However, we can tell you this bank manages rates that go form 21.9 % up to 27.75 %, also, Sanlam charges 69 rands per month on service fee.

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Rating: 5
Comment: Sanlam is a serious company that really takes into account their clients' needs and possibilities
Rating: 4
Comment: The money is deposited directly to your bank account in less than 48hs
Rating: 5
Comment: The repayment options are affordable and tailored to yor needs

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