5 Reasons Why A GXS FlexiLoan Can Be Beneficial For You In 2023

Yen Joon

Yen Joon

Last updated 31 July, 2023

When it comes to personal loans, some common issues customers face are inflexible payment tenures, penalties for early repayments, and no reduction in interest fees for early repayments. Here’s how the GXS FlexiLoan can help to address these issues.

Personal loans offer an easy and quick way to meet urgent cash needs. 

However, like any other loan product, personal loans come with several curbs. For instance, most financial institutions require you to have a steady income before you’re eligible for a personal loan. Furthermore, payment tenures aren’t as fluid, as there isn’t a lot of flexibility in choosing a monthly tenure or payment date.

In fact, according to a GXS survey in March 2023, most respondents said they would prefer to take up loans with a tenure of under 12 months. 77% of respondents also said they would prefer to repay their loans early but encountered stumbling blocks such as early repayment penalties and no reduction in the interest amount. 

However, this is where the GXS FlexiLoan can come in handy.

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What is a GXS FlexiLoan?

GXS FlexiLoan offers the flexibility to customise your loan amount, tenure, and repayment terms. Credit: GXS 

Offered by GXS Bank (a digital bank backed by Grab and Singtel), GXS FlexiLoan is a customisable personal loan designed to serve individuals who face pain points when taking up a traditional personal loan. These include the option to customise your loan amount to what you need and the flexibility to choose a shorter loan tenure. 

It’s also the first unsecured loan offered by a bank in Singapore that allows customers to pay off their loans partially or in full without any early repayment fees or penalties.

Interest starts from 2.99% p.a. (effective interest rate from 5.65% p.a.*^) and depends on your credit risk scoring assessment.

GXS also holds a banking license from the Monetary Authority of Singapore (MAS). 


How GXS FlexiLoan differs from traditional personal loans


GXS FlexiLoan

Regular personal loans

Interest rate

From 2.99% p.a.

From 3.88% p.a.

Loan amount

S$200 to S$100,000

S$1,000 to S$250,000

Flexible repayments?



Early repayment penalty?


Yes (S$150 to S$250 or 3% of outstanding balance)

Able to customise loan tenure? 




Late repayment fees (18% p.a.)

Annual, processing, and late fees repayment fees

Flexible borrowing

When you take up a personal loan with a bank, the amount that you can borrow typically ranges from S$1,000 to S$250,000. 

But while most people take up personal loans to finance large purchases, major life events, emergency expenses, etc., some financial commitments don’t necessarily need a large credit line. Examples are smaller purchases like household necessities or paying off smaller debts. 

With GXS FlexiLoan, you have less restriction and more flexibility to borrow based on the amount you want so that you don’t have to take up more than you need, starting from as low as S$200. 

Flexible repayment

As mentioned in the GXS survey above, most respondents would prefer a shorter loan tenure.

When applying for a GXS FlexiLoan, you can choose the loan tenure you want, from two months to up to 60 months. Moreover, you can also select your preferred monthly repayment date. This flexibility allows customers to plan and customise how much to pay when they can.

It’s also great for gig workers or entrepreneurs who don’t have fixed monthly incomes and therefore want a flexible payment scheme where they can choose when they want to repay the loan.

No early repayment fee/penalty

Unlike traditional personal loans, which usually charge an early repayment fee of S$150 to S$250 or 3% of the outstanding balance, GXS FlexiLoan doesn’t charge any early repayment fee.

This flexibility lets you pay off your loan early, partially or in full and save on interest fees. Moreover, this also improves your cash flow, which you can use to funnel into other financial goals such as increasing your savings, building your emergency fund, investing your money, etc.

No fees

Aside from early repayment fees, you don’t have to worry about annual, processing, or late fees. 

In fact, you only need to repay the loan’s interest rate (from 2.99% p.a.) or late repayment fees of 18% p.a..

How GXS FlexiLoan can be beneficial to you

  • Consolidate debt

  • Finance for big-ticket items

  • Use as emergency expenses

  • Help pay for daily household expenses

  • Serve as extra cash to kickstart a business

It helps to consolidate debt

Suppose you have multiple loans or high-interest credit card debts. In that case, you can consider taking advantage of GXS FlexiLoan’s low-interest rate by combining all your debts into one monthly payment.

By consolidating all your debts into one, not only will you reduce the amount of interest you pay and obtain more favourable payoff terms, but it also makes managing multiple high-interest debts redundant, saving you time and stress.


Help finance big-ticket items

gxs flexiloan

You can take a GXS FlexiLoan for major expenses such as dream vacations, home fixes, and any other emergency expenses. Credit: GXS

The GXS FlexiLoan offers a quick and easy option to get the funds you need for major expenses. These include car repairs, wedding expenses, dream vacations, home renovations, and more.

While you do need to pay interest, you can spread out the loans in instalments over your preferred tenure.

Furthermore, you may save money in the long run by avoiding other short-term but expensive alternatives, like a cash advance or payday loan.

For emergency expenses

Suppose you have a sudden emergency, such as an unexpected medical expense, that must be paid in full. In that case, you can take a personal loan and pay for it without wiping out your emergency funds/savings.

While you can use your credit card to finance large purchases, remember that credit cards come with credit limitations. Moreover, credit cards are infamous for charging a high-interest rate for late payments.

Help pay for daily household necessities or expenses

A personal loan doesn’t always have to be for large purchases; it can also be used to pay for minor or everyday expenses.

As GXS FlexiLoan provides flexible borrowing from S$200, you can take up a smaller loan for household necessities, whether it’s everyday household items or home repairs and other emergencies that are not covered by your insurance.

Serve as extra cash to kickstart a business

Launching a business isn’t easy, as it requires a lot of upfront capital. Fortunately, aspiring entrepreneurs can turn to business or personal loans for funding.

However, the former requires several business-related documents besides having a registered business that has been in operation for at least six years. Business loans are also a form of secured loans, meaning that the lender has the right to seize your assets if you fail to repay the loan. 

On the other hand, a personal loan is less restrictive and can be used to cover the cost of a wide range of things. 

If you’re a small business owner or just starting out your business journey, a personal loan may be preferable, especially if you don’t have any collateral that can be used to secure your loan. But do keep in mind late repayment charges that apply if you fail to repay your loan on time.

How to apply for a GXS FlexiLoan

To apply for a GXS FlexiLoan, you can download the GXS app on the Apple App Store or Google Play Store and tap ‘Sign up’ for a GXS FlexiLoan. 

Once you’ve signed up for an account, you’ll be provided with a credit limit. You can borrow from as low as S$200, while the maximum amount you can borrow is dependent on your credit limit.

Do note that you’ll need to meet the following eligibility conditions:

  • Aged between 21 and 65 years old;
  • A Singapore Citizen or a Singapore Permanent Resident; and
  • Have a minimum annual income of S$20,000

*Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2023 to 1 Jan 2025.

^For new FlexiLoan account holders who have been approved from August 2023 onwards. T&Cs apply.

This article was written in partnership with GXS Bank

Read these next:

Digital Banking Showdown: GXS Bank vs. Trust Bank, and the Future of Traditional Banking
Your Go-To Personal Loans Guide in Singapore 2023
Understanding Personal Loans: Why And When Should You Use It?
How Many Personal Loans Can You Have at Once?

In my past life, I was always broke because of a lack of financial literacy. Now, I publish a few posts every week* on personal finance to help you manage your money better. *I mean, I’ll try


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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