Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
Find your monthly payments with our Sanlam loan calculator
It’s true that taking out a Sanlam loan in South Africa can solve your financial problems but at what cost? To answer this question, CompareLoans has created an easy-to-use Sanlam online calculator. We strongly recommend that you use this convenient tool before you apply for a loan. To answer more of your questions, we will cover the following:
- Benefits of using the Sanlam personal loan calculator;
- How to use the Sanlam loan repayment calculator;
- How the Sanlam consolidation loan calculator helps you to manage your debt;
- Estimating the total cost of your loan using results from the Sanlam personal loan repayment calculator; and
- How to apply online after using the Sanlam loan calculator.
How do you benefit from using a Sanlam personal loan calculator?
- You know the approximate monthly repayment amount in advance.
- It allows you to choose the best repayment term.
- You will be able to compare your loan options and get the loan that is best for you.
- It lets you know if you’ll be able to afford the loan you want.
- Getting a loan that you can afford can help you to pay the loan back quickly and hence improve your credit score.
- The Sanlam calculator is simple and straightforward to use.
- It only takes a few minutes for you to make an informed decision.
How to make use of the Sanlam loan affordability calculator
The Sanlam loan calculator is very easy to use:
- It has two sliders that allow you to choose your loan term and the amount of money you want to borrow. To do this, move the sliders either left or right.
- After you select your amount and length of the loan, you can click “Calculate Repayment.”
- The monthly repayment result will be displayed within a few seconds.
- You should know, however, that the monthly instalment suggested by the loan is only an estimate and the actual figure from Sanlam might be a little different. The calculator only serves to give you an idea of how much the payment might be so that you can plan ahead.
How to use the Sanlam loan calculator to get the total cost of your loan
To calculate the total cost of a loan, you need to know the monthly instalment and the number of months in your repayment period. Below is an example of how you can calculate the cost of your Sanlam loan:
- Total loan amount: R1000
- Repayment period: 5 months
- Monthly repayment: R250
To obtain the total repayment amount, multiply the number of months (repayment period) with the monthly repayment amount. Using the example above, the calculation goes like this:
- R250 x 5 = R1250
- That means it will cost you R250 to take out the R1000 loan. If you want to use the loan for investment, you can check if what you want to do is profitable by looking at the total cost of the loan.
How does using the loan calculator improve your credit score?
The Sanlam loan calculator will help you to know your monthly instalment amount. This number is very important because you can use it to find out whether a loan fits into your budget. This means that if used well, the loan calculator will help you to avoid taking out loans that are more than what you can afford. That means:
- If you stick to choosing a loan you can afford, you’ll not have a problem paying back the loan amount. Paying your monthly instalments is one of the crucial things you can do to improve your credit score long term.
- If you take out a loan without knowing whether you can afford it or not, you might end up struggling to make repayments which can negatively affect your credit score.
Using the Sanlam personal loan calculator to consolidate your debt
Sometimes you can take out so much credit that payments start to overwhelm you. If you have too many loans, it may be difficult to keep track of all these payments. Sometimes the deductions can leave you with little to spend at the end of the month. Luckily, a Sanlam personal loan can help you consolidate your debt:
- You can use the Sanlam loan calculator to choose the best debt consolidation loan for you.
- This loan will then cover your existing debt and combine all of your monthly instalments into one.
- The Sanlam consolidation loan calculator will show you your monthly payment.
- That means you’ll be able to see if this move will help you save money and make the repayment process more comfortable.
- If the Sanlam loan offers better terms and a more affordable monthly payment, you can go ahead with the debt consolidation process.
A quick overview of Sanlam personal loans
How much can you borrow? – Loan amounts range from R5000 up to R200 000. Sanlam will perform a credit check to ensure you’re only approved for a loan amount you can afford.
What is the length of the loan? – Loan terms are between 1 and 6 years.
What are the main features of Sanlam personal loans? – Sanlam personal loans are unsecured and have a fixed interest rate of 24.50% maximum. They also come with credit life insurance, and there is a loyalty program called Sanlam Reality that gives you some of your cash back when you make repayments on time.
What to do after using the Sanlam personal loan calculator – After you use the Sanlam loan repayment calculator, you can apply online for your personal loan. Scroll up this page to the comparison tables where you’ll find the “Go to Site” link for Sanlam personal loans. This button allows you to visit the Sanlam website where you can fill in an application form and upload the required documents.
What are the other requirements for Sanlam online loan application?
- A clear copy of your green, barcoded South African ID book or Smart ID card;
- Your previous 3 months’ consecutive bank statements or payslips; and
- Your personal bank account details (where your salary is paid).
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