GXS FLEXILOAN

BALANCE TRANSFER

0% interest
with Balance Transfer

Get instant cash at 0% interest and pay a low minimum amount every month with GXS FlexiLoan Balance Transfer.

Apply now
Comes with a low one-time processing fee.


Zero interest.

This means we don't charge any interest on your loan amount. None. Zilch.

Late interest is chargeable upon late repayment.

Minimum
monthly repayments.

Repay from as little as 1% of your loan every month. Make your money work harder, right from the start.

Repay the remaining amount of your loan at the end of your loan tenure. Refer to your GXS app at the time of drawdown for your minimum monthly repayment.

Flexible
loan duration.

Choose your preferred loan
tenure of 4 to 12 months.

One-time

low fee.

That's it. No other fees, no surprises.

1 Refer to your GXS app at the time of drawdown for the applicable processing fee. Do note the one-time processing fee may be subject to change by the bank.

2 EIR is calculated with: S$10,000 as principal drawn from 1 Jan 2024 with 1% monthly minimum due.

An illustration of the one-time processing fee
Tenure
Processing Fee1
EIR2
4 months
1.35%
4.13%
5 months
1.65%
4.04%
6 months
2.00%
4.11%
7 months
2.30%
4.06%
8 months
2.65%
4.11%
9 months
2.95%
4.09%
10 months
3.25%
4.07%
11 months
3.55%
4.07%
12 months
3.85%
4.06%

1 Refer to your GXS app at the time of drawdown for the applicable processing fee. Do note the one-time processing fee may be subject to change by the bank.

2 EIR is calculated with: S$10,000 as principal drawn from 1 Jan 2024 with 1% monthly minimum due.

Let's break this down for you

GXS FlexiLoan
1 account, 2 ways to borrow

Balance
Transfer

Instalment
Loan

Interest

0%

From 2.99% p.a.
(EIR 5.65% p.a.)

Fee

A low one-time
processing fee


starting from 1.35% of your loan amount

No fees!

That means no processing,
annual, late or early
repayment fees

Loan tenure

4 - 12 months

2 - 60 months

Repayment schedule

Low minimum
monthly repayment


starting from 1% of loan amount. The remaining loan amount can be repaid at the end of your loan tenure.

Fixed equal monthly repayments

Can I repay early?

Yes, with no fee

Yes, with no fee.
What's more, you get interest savings!

When is this best used for?

  • Maximise your financial goals
  • Emergencies
  • Short-term business
    cash-flow cycles
  • Manage multiple outstanding balances with a single facility
  • Mid-long term financial goals
  • Business needs
  • Renovation
  • Education

Here's how a loan could look like (S$10,000, 4-month loan):

1% of loan principal,
1.35% fee

(EIR 4.13% p.a.)

‍Month 1: S$100
Month 2: S$100
Month 3: S$100
Month 4: S$9,700

2.99% p.a.
(EIR 5.65% p.a.)
Month 1: S$2541
Month 2: S$2541
Month 3: S$2541
Month 4: S$2541

Here's what else to note:

1

A Balance Transfer loan can only be taken once. Once completed, your GXS FlexiLoan credit limit remains for you to take an instalment loan anytime you need.

2

You will be assigned a Balance Transfer sub-limit from your GXS FlexiLoan credit limit. This means the maximum Balance Transfer loan amount you can take will be up to a certain % of your GXS FlexiLoan credit limit.

3

When you draw down, the one-time processing fee will be deducted from your Balance Transfer loan amount.

4

Balance Transfer is currently available to all new GXS FlexiLoan users and selected existing GXS FlexiLoan users.

5

The minimum monthly repayment is the higher of S$15 or your personalised minimum monthly repayment percentage starting from 1% of your loan. Find yours on your GXS app.

A Balance Transfer loan can only be taken once. Once completed, your GXS FlexiLoan credit limit remains for you to take an instalment loan anytime you need.

You will be assigned a Balance Transfer sub-limit from your GXS FlexiLoan credit limit. This means the maximum Balance Transfer loan amount you can take will be up to a certain % of your GXS FlexiLoan credit limit.

When you drawdown, the one-time processing fee will be deducted from your Balance Transfer loan amount.

Balance Transfer is currently available to all new GXS FlexiLoan users and selected existing GXS FlexiLoan users.

The minimum monthly repayment is the higher of S$15 or your personalised minimum monthly repayment percentage starting from 1% of your loan. Refer to your GXS app to find yours

GET STARTED
Sign up in 3 easy steps
1

Download the app.

Get the GXS app and sign up for a GXS FlexiLoan account today. View your available credit limit.

Download now
2

Go to 'Borrow' and
select 'Balance Transfer'

by tapping ‘Change’.

3

Select your loan amount
and tenure.

That's it! You'll receive your funds within minutes in your preferred bank account.

Got questions?

We got answers.

What is the difference between Instalment Loan and Balance Transfer?

Instalment Loan and Balance Transfer are different types of loans that you can draw from GXS FlexiLoan.

Instalment Loan

If you prefer to manage your budget with equal monthly payments over a longer period, then this is the loan for you.

  • Select a loan tenure of 2 - 60 months (as assigned by the bank)
  • Interest from as low as 2.99% p.a. (EIR 5.65% p.a.) or any rate assigned by the bank. No fees at all!
  • Repay early and enjoy interest savings

Possible uses: Support your financial goals, business needs, renovation, education, managing multiple outstanding balances with a single facility etc.

Balance Transfer

Conserve cash by making smaller repayments each month over a shorter period. Minimum monthly repayment could be as low as 1% of your loan principal (or at such other rate as stipulated by the bank).

  • Select a loan tenure of 4 - 12 months (as assigned by the bank) and repay the remaining outstanding only at the end of the tenure
  • Enjoy 0% interest with a one-time processing fee (EIR 4.13% p.a.)

Do note that you can draw a Balance Transfer only once, unless otherwise allocated by the bank.

Possible uses: Support your financial goals, emergencies, short-term business cash-flow cycles, managing multiple outstanding balances with a single facility etc.

*Effective Interest Rate (EIR) for Instalment Loan is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2024 to 1 Jan 2026. EIR for Balance Transfer is calculated with an average loan amount of $10,000, with a 4-month repayment period, from 1 Jan 2024 and a minimum monthly due of 1% of loan principal.

What is Balance Transfer?

Balance Transfer is one of the loan types that you can draw from GXS FlexiLoan.

Balance Transfer might be the loan for you if these are your needs:

  • Conserve cash by making smaller repayments each month over a shorter period. Minimum monthly repayment could be as low as 1% of your loan principal (or at such other rate as stipulated by the bank)
  • Select a loan tenure of 4 - 12 months (as assigned by the bank) and repay the remaining outstanding only at the end of the tenure
  • Enjoy 0% interest with a one-time processing fee (EIR 4.13% p.a.)

Do note that you can draw a Balance Transfer only once, unless otherwise allocated by the bank.

Possible uses: Support your financial goals, emergencies, short-term business cash-flow cycles, managing multiple outstanding balances with a single facility etc.

*Effective Interest Rate (EIR) for Balance Transfer is calculated with an average loan amount of $10,000, with a 4-month repayment period, from 1 Jan 2024 and a minimum monthly due of 1% of loan principal.

Illustration of a Balance Transfer loan, terms below may defer:

Loan principal: S$10,000
Selected tenure: 4 months
Processing Fee: 1.35%
Minimum monthly due: 1%

Month 0: S$9,865 disbursed to you
Month 1 repayment: S$100
Month 2 repayment: S$100
Month 3 repayment: S$100
Month 4 repayment: S$9,700

Where can I find my Balance Transfer interest rates and fees?

Great news! Balance Transfer is a 0% interest loan. It only comes with a one-time processing fee for each loan.

In the borrowing journey, this one-time processing fee amount will be displayed. Do review this fee before you complete your drawdown.

Here's how:

1. Open your GXS app. On your GXS FlexiLoan home screen, tap on 'Borrow'.
2. Select ‘Balance Transfer’ on the top bar. You may tap on the ‘change’ icon to change your loan type.
3. Key in the amount you need.
4. Select the tenure of your loan.
5. The one-time fee amount will be displayed. Confirm to proceed with your drawdown.

Click here for an illustration of the one-time processing fee. Refer to your app at the time of drawdown for the applicable processing fee:

How do I draw a Balance Transfer loan from GXS FlexiLoan?

You can choose to transfer funds into a third-party bank account via PayNow held in your own name.

However, before initiating a drawdown, do ensure you have a third-party bank account connected to your PayNow, via mobile number and/or NRIC.

Here are the steps to borrow a Balance Transfer loan:

1. Open your GXS app. On your GXS FlexiLoan home screen, tap on 'Borrow'.

2. Select ‘Balance Transfer’ on the top bar. You may tap on the ‘change’ icon to change your loan type.

3. Key in the amount you need. Note that a fee will be deducted from this amount.

4. Select the tenure of your loan.

5. If this is your first loan, you can choose the date which you prefer to pay monthly e.g. 15th of each month.

6. Name your loan (to indicate its purpose!).

7. Select where you’d like to transfer your loan to.

8. Review the transfer details and click 'Confirm'.

How do I calculate the monthly repayment amount of my Balance Transfer loan?

You can easily simulate the monthly amount payable when you go through the borrowing journey on the GXS app.

A minimum percentage of the loan principal will need to be paid each month - you can refer to your app for the minimum percentage payable. The remaining balance will then be payable by the end of the tenure.

The one-time processing fee forms part of the loan amount payable over the selected tenure.

For example:
Interest (APR): 0%
Selected tenure: 4 months
One time processing fee: 1.35% (EIR 4.13%)
Minimum percentage payable each month except for final month: 1%

Loan Principal = Amount requested by you = $10,000

Monthly repayment each month except for final month = Loan Principal x Minimum percentage payable
= $10,000 x 1%
= $100

Amount payable in final month = Loan Principal - [Monthly repayment each month x (Tenure - 1)]
= $10,000 - [$100 x (4 - 1)]
= $10,000 - $300
= $9,700

This means that your repayment schedule is as follows:
Month 1: $100
Month 2: $100
Month 3: $100
Month 4: $9,700

*The Annual Percentage Rate (APR) represents the total borrowing cost, expressed as a yearly rate, relative to the initial loan amount.

Homegrown bank, backed by homegrown parents

GXS holds a bank license issued by the Monetary Authority of Singapore.

It is backed by a consortium consisting of Grab Holdings Inc., Southeast Asia’s leading super app and Singtel, Asia’s leading communications technology group.

GXS is a separate entity and is not associated with Grab Holdings, Singtel and their entities. The GXS Savings Account is provided by GXS.

For the full promotion terms and conditions, click here.

1. 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 2024 to 1 Jan 2026.

2. The FlexiLoan Dreams Come True Campaign is organised by GXS Bank Pte Ltd ("Bank” or “GXS”) and is valid from 3 April 2024 to 30 June 2024 (“Promotion Period”).

(a) To be eligible to participate in the Lucky Draw, a customer must:

(i) be an existing holder of a GXS FlexiLoan account or have successfully applied for a GXS FlexiLoan during the Promotion Period, and in each case such GXS FlexiLoan account must remain active and in good standing with the Bank at all material times, including until the Lucky Draw prizes are fulfilled;

(ii) have drawn down a single loan of at least S$3,000 during the Promotion Period; and

(iii) such loan must have a loan tenure of not less than 6 months.

(b) A customer will not be eligible if more than 50% of the loan is repaid on or before 17 July 2024.

(c) Each monthly Lucky Draw will be conducted on 6 May 2024, 5 June 2024 and 3 July 2024 respectively.

(d) If you do not wish to participate in the Lucky Draw, please call us prior to each monthly Lucky Draw at (+65) 3105 2055 by 30 April 2024, 31 May 2024 and 30 June 2024 respectively (each a "Draw Cut-off Date") to let us know. If you do not withdraw your participation in the Lucky Draw before a Draw Cut-off Date, you consent to GXS (and any other necessary third party) collecting, using and disclosing your information (including your personal data) for purposes relating to your participation in the Lucky Draw. GXS has the sole discretion to amend, modify or vary the timing of the fulfilment of the rewards or prizes described in this page and the terms of this promotion without notice or liability to any person.

Approval of all GXS FlexiLoan applications is subject to receipt of all supporting documents and further review. GXS reserves the right to approve or reject your application without providing any reasons. Late interest charges may apply in the event of late repayment. Your loan is subject to review from time to time, and may be cancelled by GXS at its discretion.

Click here for the GXS FlexiLoan Terms and Conditions that apply. GXS is a separate entity and is not associated with the businesses of Grab Holdings, Singtel and their entities. The GXS FlexiLoan is provided by GXS. GXS holds a banking licence and is regulated by the Monetary Authority of Singapore.