Sanlam is a financial provider with over a hundred years of experience in the credit market of South Africa. Here you will be introduced to this company which offers a vast range of online financial solutions. When you finish reading this, you will be familiarized with all you need to know about their loans, application processes, and contact details.
Does Sanlam Offer Personal Loans?
As we revealed above, Sanlam has a great variety of financial options. One of them is their personal loans. With this financial tool, you can borrow from 5 000 rands to 200 000 rands. Think about all the things you can do with this amount of money: from making yourself a small present to making important repairs at your house, or buying a vehicle.
This is a company that takes your financial security at heart. What does this mean? This means that they will only lend you the amount of money that you can safely borrow in terms of your income and credit history. Also, they offer fixed interest rates that will help you know how much money you will need to set aside to pay your repayments.
Depending on your budget, you and Sanlam will decide on a repayment period that best suits you. They offer long-term loans since the minimum repayment period you can get is of 24 months. You might be able to repay your loan in up to 72 installments; however, remember that interest rates tend to be higher with longer-term loans.
If I am a member of Sanlam Reality do I get Discounts on my Personal Loan?
Sanlam Reality is the program that rewards you for using Sanlam finance products. If you are a customer of this company, you can become a member of Sanlam Reality and enjoy its benefits. What kind of benefits? You can get cash refunds from your personal loans, for instance. Also, you get discounts on entertainment, gyms, travel agencies, health products, and more.
There are different membership options you can opt-out from. There are four categories and the monthly rates are very accessible. You can become a member by filling out an online application with your personal information.
If you are a member of this program and take out a personal loan with Sanlam you can get a cashback of up to 20% on your loan. You can view all your benefits online and cash them. You can also become a member of Sanlam Reality program if you are a client of Bonitas Medical Fund, Nedgroup Medical Aid Scheme, and other selected medical care providers.
How do I Apply for a Sanlam Loan?
You are a busy person. You work long hours and, hey, it’s the 21st Century! It’s the era of technology and accessibility, why should you take the trouble of going to physical offices, making long lines and waiting for someone to see you? That’s a thing of the past. Sanlam has a long history, but that doesn’t mean they dwell on the past.
You can start your personal loan application completely online! Sanlam has a simple form that you should fill in with your personal and financial information. To request their loans you need to be a South African resident and be permanently employed.
Is it Safe to Use Loan Repayment Calculators to Know more about my Sanlam Loan?
Loan calculators are tools offered by different credit institutions. Their aim is to show you the approximate figure of your repayments. In this way, you learn if you will be able to afford that amount of money each month.
Usually, these calculators do not ask you to include any personal information. All you need to enter is the amount of money you wish to borrow and then select the repayment term. In our web you can compare different loans online: it’s free, safe, and quick.
Does Sanlam offer Insurance on their Loans?
You may think you have control over all aspects of your life… but, can you bring the unexpected under control? What happens if you lose your job and can’t take care of the loan installments for a while? Or even worse, what happens if you become permanently ill, can no longer work and, thus, cannot pay for the loan at all? When you have a family, if something happens to you, it happens to the whole family. Your, spouse, your kids, will all be affected if this happens to you.
Fortunately, Sanlam does offer Insurance that will allow you to protect your family, and yourself, of course. They have designed a Personal Protection Plan that will cover your loan installments in full if you die or become permanently disabled or ill.
If you do not want this insurance, you are allowed to choose another one, provided that it covers the same amounts and under the same conditions as the one offered by Sanlam. You cannot control the unexpected, but at least you can be better prepared to face it without great hindrance.
How to Get a Student Loan at Sanlam?
Sanlam offers personal loans that you can use to meet your specific needs. There are no “rules” as to how you have to spend the money from your loan. So, if you want to pay your university tuition fees, for example, you can perfectly do so.
If you already have other loans and many credit card bills to pay and feel you cannot cope with so many interest rates and maturity dates, a personal loan can work as a consolidation loan. You can apply for a personal loan online and use the money to pay off all your other obligations.
Take advantage of the versatility offered by Sanlam personal loans and start building your future. How to spend the money is completely up to you.
Is it Possible to Request Pension backed Loans for Pensioners at Sanlam?
You will not find pension backed home loans in Sanlam. The amount of money they offer with their personal loan will not let you afford a house. There are other options, though.
Standard Bank, one of the most renowned and oldest banks of South Africa, can finance your house with your pension fund as security. Your pension fund and the bank will make an agreement so that Standard Bank can use your fund as a guarantee of payment.
With their pension backed home loans, you can buy vacant land, buy a house or make repairs or upgrading to the house you currently own. The amount of money you can borrow will depend on how much money you have saved in your fund, and you have up to thirty years to pay off the loan.
You must pay back the amount you borrowed before you retire. Also, if you fail to pay it back, the savings you have in your retirement fund will be used to pay off the loan.
How to Take Out a loan against my Life Insurance Policy?
You will not be able to take a loan against any kind of insurance policy with Sanlam. However, using your insurance policy as a guarantee might not be the best option. One of the reasons for this is that if you forfeit your insurance policy and want to take a new one, the costs might be higher. You will also not be able to request a loan against your retirement annuity; and again, we would not recommend this practice. Why risk your future when there are several other ways to access finance in South Africa? Fortunately enough, you can explore other more convenient options. If you are short of money and need cash right away, you might want to consider asking for loans against your valuables. For instance, you can use your car as security for a loan in Pawn my Car. There are also other pawn shops that allow you to use other valuables, such as equipment, furniture, jewelry, among other items, as a guarantee for the loans they offer.
Are there Loans for Business at Sanlam?
Sanlam offers tools to help the business owner manage their assets and workforce with two insurance plans. If what you need is money to either start or expand your business you might want to think about business loans offered by major banks.
Standard Bank, one of the best-known banks of South Africa, has a range of loan options to suit every need. You can count on them to finance the set-up of your company, to buy machinery or vehicles, and more. Also, you can choose from loans with a fixed term or revolving loans.
Another option is Absa Bank. With them, you can get short to medium term loans, you can get cash to finally become your own boss, you can find finance to buy the vehicles or equipment you need to get your company going, or ask for a loan to acquire the property.
Usually, for these loans, you will need to prove that your company is registered with the appropriate department of the South African government, and to provide bank statements and statements of assets from the members of the company.
Does Sanlam Answer Personal Loans Complaints?
This finance provider group takes customer care very seriously. In fact, they have designed a form for you to fill out and tell them all about your claim. Also, they address complaints that people leave on the internet or even Facebook: they answer and refer complaints to the appropriate department. Sanlam is not the kind of company that looks the other way. They acknowledge that sometimes things do not go the way they want and that some changes should be implemented.
2 Main Differences between Sanlam and Izwe Personal Loans
There is another company that offers personal loans in South Africa that are similar to the one offered by Sanlam. With the personal loans offered by these two credit providers, you can ask for money for whatever reason. The amount you borrow will be deposited into your bank account, and you will be able to use it for buying that motorcycle you always wanted, to make improvements in your house, or to pay for your child’s school tuition. Your call.
There are two differences, though:
- The amount of money you can borrow: with Sanlam you can take out a personal loan of up to R200 000, with Izwe you can receive a maximum of 250 000.
- The repayment period: with Izwe you have only up to 60 months to repay your loan; Sanlam lets you pay it back in a maximum term of 72 months.
Does Sanlam offer Home Loans?
One thing most human beings have in common is the dream of owning our house. Don’t you? The freedom and peace of mind of knowing that you will be able to live under your own roof and that you will leave something behind for your children that owning your house gives you is unparalleled. Unfortunately, that credit product is not available at Sanlam.
But, dream on. You can access to a home loan with other prestigious credit companies such as Absa Bank, Nedbank, or Standard Bank. With all these banks you can either borrow money to buy a house, to build one or to make upgrades to a house you already own.
What are Sanlam Loans Contact Details?
Sanlam wants to hear from you and help you out with any query you might have. For this reason, they make available several channels of communication.
You can either go to their offices from Monday to Friday from 8 a.m. to 5 p.m. or call them on 0860 726 526. Also, you can fill in their contact form online with the query, complaint or question you have. You can find Sanlam offices in Johannesburg, Pretoria, Cape Town, and other locations.
You now know that if you need financial services such as personal loans, insurance, and retirement annuity products you can safely count on Sanlam. This company provides top online credit solutions to help you achieve your goals.
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Preguntas Frecuentes
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.
Can I apply for a Sanlam student loan on behalf of my child?
Certainly, you can. If you wish to obtain a loan with Sanlam, you can apply for a personal line of credit and use it to satisfy your specific need, in this case, you can use it to pay for your child's studies. You will be granted the money providing you comply with all the requirements.
Can I apply for a Sanlam student loan on behalf of my child?
Certainly, you can. The private financial company Sanlam does no offer students loans specifically, on the contrary, you can obtain a personal loan and use the money to suit a personal need. Therefore, you can invest that money in your child's education. To access the money, you only need to comply with all the necessary requirements.
Can I get Sanlam to pay for the remaining student fees if I have already paid for the tuition and accommodation?
Certainly, you can. The financial entity Sanlam do not offer students loans per se, but you can apply for a personal loan and use it to cover your specific needs, in this case, for your tuition and accommodation. In other words, there are not conditions on the usage of the money providing that you comply with the application requirements.
I want to take out a loan of R27,000 over 2 years against a R100,000 life insurance policy.
If you wish to take out a personal loan of 27,000 rand with the private company Sanlam against a R100,000 life insurance, you need to consider the monthly service fee of 69 rand and the interest rate, which can vary from 16% to 29.25%. With all these details, you will be paying monthly instalments of around 1,542 and 1,727 rand.