A personal loan enables a borrower to borrow a lump sum of money for personal use, and to pay it back over a set amount of time in fixed monthly payme
A personal loan enables a borrower to borrow a lump sum of money for personal use, and to pay it back over a set amount of time in fixed monthly payments. There is a wide range of amounts and interest rates for personal loans. There are various reasons why people are going for personal loans. It may be due to unexpected expenses or need for new projects to capitalize.
Sanlam provides up to R 150000 personal loans which come with a rate of interest. Their loans are unsecured, and their period of repayment is between two and six years. Nevertheless, the consumer can choose the amount and the period of repayment that suits their needs. These loans, along with a fixed rate of interest, which can range from R5000 to R 200000. Their increments in loan amounts are from R 1000. When your loan is accepted, you deposit the funds into your bank account.
Sanlam personal loans can offer you a personal loan on a fixed rate and accordingly to your requirements and circumstances, when you need urgent money for unforeseen expenses, for medical or hospital bills or to finance your business project. Sanlam personal loan is a proven lender and will never give you more than you can afford to pay back. In this blog, we will be discussing about Sanlam personal loans, personal loan options, how to apply for a personal loan and personal loan requirements, so that, you can choose the right thing from the varied personal loan options available nowadays.
How to apply for a personal loan?
When you apply for a personal loan online, most lenders will look at two personal loan requirements: your credit history and your ability to repay the loan. To apply for a personal loan online is very easy. Applicants may choose to call on the bank or company’s landline number or apply for a personal loan online. It requires no paperwork or interviews. Nevertheless, applicants, who apply for a personal loan online, will get a specific agent to help them select the appropriate products. The amount is usually determined by the financial situation of the applicant at the moment, and is therefore subject to credit approval.
Online lending platforms will ask you to fill out an application to check your credit rate first. Often, the personal loan industry can show you your personal loan options without having to run a strict loan inquiry that would impact your credit score. You can choose one to apply after you receive options for a personal loan including the amount you qualify for and the rate of interest.
How Sanlam Personal loan works to provide personal loan options
- You can apply for any amount, in increments of R1,000 from R5,000 to R200,000
- You can customize your repayment period to match your budget (24 months to 6 years)
- Repayments are set for the full term of your loan, so you can easily budget ahead
- Sanlam personal loan will always take into account your current financial situation and never lend you more than you can afford to pay back
- Qualifying members of Sanlam Personal loan could recover up to twenty per cent of their loan repayments if twelve consecutive repayments were made by the borrower.
Benefits of Sanlam Personal loan
Here are the few benefits of Sanlam personal loans which can be very helpful to take out a personal loan from the available personal loan options:
You can get personal loan in seventy two hours if you meet the eligibility criteria and have a good credit score. Infact some of the banks provide existing customers with the facility to approve personal loans online.
No security required
You don’t need to arrange for any security. It is an unsecured loan. At Sanlam personal loan, it is easy to get it.
Flexible to select the duration
The loan period goes up to seven years so you have the flexibility to choose a tenure that best suits you. Longer duration means lower EMI and vice versa. Therefore, after calculating the EMI, you can determine which tenure you want to opt for. For calculating the EMI suitable for you, you can use various EMI Calculators available online.
Fixed interest rate
Personal loans are generally available at fixed interest rates. Thus the monthly installments equated will remain fixed for the entire duration of the loan. So, you don’t have to worry about changes in interest rates.
Benefit of tax
If you use the personal loan to build, renovate the house or make down payment for the house, you can take advantage of the tax deductions in the interest part in a financial year.
Uses for a personal loan
Personal loans can be used for almost anything, and there is no single reason why consumers might not be looking for them. Usually these loans are a choice to put on a credit card for purchases or other expenses which are too much. Some specific reasons include:
A major home repair or a have to replace costly appliances could be too much for your credit card, and you might look into a personal loan to cover the cost. Medical costs are another unforeseen expense which could require a personal loan.
You may want to pay for an important event like a wedding, but you just don’t have enough savings on hand to pull it off. A personal loan can cover expenses beyond what you have in your savings. Some major events that might give rise to a personal loan are funerals or a move to a new location.
They can use the proceeds to pay off credit cards or other debts. You will only have one payment per month, and you may find that the interest rate on your loan is lower than the average interest rate on your other debts.
A personal loan may have a higher interest rate than a federal student loan or your salary may be too high to qualify for a loan like this. Personal loans do not come with the same tax benefits as student loans recognized by the Federal government.
I hope this article helped you to get an idea about Sanlam personal loans and its various personal options.