GXS, a digital bank founded by Grab and Singtel, has emerged as one of the approved players in Singapore's digital banking landscape. Unlike its counterparts like ANEXT, GXS holds a full digital bank license, granting them the authority to cater to consumers' financial needs. Notably, it has been one full year since GXS recently introduced it's own version of personal loan called GXS FlexiLoan, which has garnered considerable attention.
Below we break down what makes this loan product unique in 2025 - including the newly launched GXS Reno Club
GXS FlexiLoan empowers borrowers with unprecedented flexibility. The process begins with getting approved for a specific loan amount, after which borrowers can draw down funds at any time they deem necessary. This unique feature enables individuals to manage their borrowing needs effectively and provides the convenience of accessing funds when required. The flexibility extends further, allowing borrowers to choose their desired loan duration, ranging from as little as 2 months to a maximum of 60 months. Consequently, borrowers can opt for multiple loans whenever the need arises, tailoring their borrowing experience to their specific circumstances.
Example:
Furthermore, GXS FlexiLoan sets a minimal drawdown amount of just $200, making it an ideal standby option. Notably, if borrowers do not utilize the loan facility, no charges are imposed.
GXS FlexiLoan also provides two different borrowing modes based on your needs:
You can only hold either a balance transfer or instalment loan at any one time — not both — but you’re allowed up to 10 active drawdowns from your credit line.
GXS FlexiLoan takes the concept of flexibility to new heights when it comes to early repayment terms. Diverging from the conventional loan structures seen in banks like DBS, which often impose a hefty $150 early termination fee, GXS does not penalize borrowers for paying off their loans ahead of schedule. This unique advantage eliminates the financial burden associated with early repayments, allowing borrowers to settle their loans at their own pace. Whether borrowers choose to repay their loan in full or opt for partial repayments, GXS FlexiLoan accommodates their preferences. Additionally, interest is calculated on a daily, non-compounding basis. As a result, borrowers only incur interest charges for the specific number of days they have an outstanding loan balance, saving them money.
It really is a nice touch when you make your repayment a few days ahead of your instalment and GXS actually tells you how much you actually save from that few days of lesser interest. Now that's some fair consumer practice.
GXS FlexiLoan distinguishes itself through its transparent and fee-free structure. Unlike many traditional banks, GXS does not burden borrowers with processing fees, early termination fees, or late fees. This absence of hidden charges contributes to a hassle-free borrowing experience and ensures borrowers can focus on managing their finances effectively. However, it's important to note that GXS does charge late interest at a rate of 18% per annum for delayed repayments, thereby encouraging borrowers to adhere to the agreed-upon repayment schedule.
It's crucial to recognize that their rate of 2.88% p.a. is subject to credit assessment. Consequently, not all borrowers may qualify for the best promotional rate. The "as low as" disclaimer in the promotion implies that the final interest rate depends on the individual's creditworthiness. Thus, the actual interest rate offered may vary and might not always match the lowest advertised rate. Many of our customers tried and none of them qualified for a 2.88% rate, so take the promotion with a pinch of salt.
Borrowers should familiarize themselves with the distinction between the marketed rate (APR) and the effective interest rate. While the advertised rate is 2.99% APR, the effective interest rate will be higher. It is essential to consider the effective interest rate when evaluating the overall cost of borrowing. Also remember, when you do comparisons, make sure to add in processing fees. Banks like SCB and CIMB are offering rates from similar 2.88% and 2.80% respectively but may charge processing fees of 1% for lower amounts.
GXS is a member of the Credit Bureau Singapore (CBS), which implies that your credit history matters. GXS has access to CBS data, including any negative payment records with other mainstream banks. Unlike the money lender credit bureaus, which maintain separate records, CBS provides a comprehensive overview of an individual's creditworthiness and therefore GXS is not somewhere you apply just because you have failed to get a loan with other banks.
Launched in April 2025, the GXS Reno Club is designed to make home renovations more affordable:
These benefits are available to the first 1,000 eligible customers each month. Read more here.
If you are interested in applying for GXS FlexiLoan, you can download the GXS app and find more detailed information at https://www.gxs.com.sg/flexiloan. To be eligible for the loan, you must meet the following criteria: be aged between 21 and 65 years old, be a Singapore Citizen or Permanent Resident, and have a minimum annual income of S$20,000.
In conclusion, GXS FlexiLoan stands out with its exceptional flexibility and borrower-friendly features. Based on our comprehensive evaluation, we confidently rate this product 9 out of 10. Well done, GXS!
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