GXS FlexiLoan FAQs

There are zero fees involved, whether for prepayment, processing or late fees. We won't even charge you for paying early, and on top of that, you get to enjoy interest savings!

While there are no fees, you will still be charged late interest for late payments. Simply pay early or on time to avoid this.

Your interest rate (APR and EIR) will be shared with you upon successful application along with your assigned credit limit, so that you have all the details you need to make an informed decision on whether you wish to take on the offer. 

You may also find your interest rate within the GXS FlexiLoan home screen right beneath your credit limit.

The Annual Percentage Rate (APR) is used to calculate the interest payable on a flat rate basis.

The Effective Interest Rate (EIR) is the rate that reflects the true cost of borrowing and takes into account total charges. It's computed over a reducing balance basis.

For example, if you took a loan of S$10k with a tenure of 3 years:

APR:3% p.a.
EIR:5.69% p.a.
Tenure:3 years
Loan drawn: S$10k

Total interest payable = Loan * APR * tenure
= $10,000 *3%/365 *(365*3 years)[2] 
=$900

The interest payable component forms part of your Equated Monthly Instalment (EMI) amount, which is reflected in-app in your repayment schedule. For example,

EMI amount = (interest payable + principal) / tenure
=($900 + $10,000)/ 36 months
=$302.78

Your monthly repayment amount over the 3 year tenure will therefore be $302.78.

While there are no late fees involved, late interest charges will be applicable for late payments. These charges vary based on how late your payments are.

You can view details of your GXS FlexiLoan by simply logging into your GXS app.

Your loan details can be found within the GXS FlexiLoan home screen. You’ll be able to view your available credit limit, interest rate, and any loan(s) drawn.

If you have active loan(s), you’ll also be able to view your monthly instalment(s) amount, upcoming due date, number of instalments paid/remaining, and the remaining amount(s) you have left to pay on your loan(s).

Definitely. We know that the financing you receive through the GXS FlexiLoan supports your aspirations and needs, and we want to help you keep track of the purpose of each loan.

When you draw your first loan, you'll be prompted to name your loan after you've selected your repayment tenure and monthly repayment date.

You can request for a drawdown from your GXS FlexiLoan to be disbursed directly to any deposit account held in your own name  - this may be your GXS Savings Account or a third-party bank account. Here's how to initiate a loan drawdown:

1. Open your GXS app. On your GXS FlexiLoan home screen, tap on ‘Borrow’.
2. Key in the amount you need.
3. Select your repayment period.
4. Name your loan (to indicate its purpose!).
5. Select where you’d like to transfer your loan to.
6. Review the transfer details and click ‘Confirm & Borrow’.

Yes, of course!

You may draw another loan from your available credit instantly, with no additional checks or approvals.

Upon drawing down a loan, you will also have the flexibility to select your repayment plan options and your preferred repayment date for all subsequent loans.

The minimum loan amount you can draw from your available limit is S$200, while the maximum is capped at your total available credit limit.

You can draw up to 10 individual loans from your GXS FlexiLoan credit line at anytime, as long as the total amount of all your loans are capped at your available credit limit.

For example:

With an available limit of S$10,000, you can choose to draw 10 concurrent loans ofS$1,000 each.

You could also choose to draw 10 current loans of different amounts, as long as it does not exceed the available limit of S$10,000.

The GXS FlexiLoan is designed in a way that grants you the flexibility to structure your loans however and whenever you need them.

Yes! When you make your first loan drawdown, you'll have the flexibility to choose your preferred repayment date.

Payday on the 15th of every month? You can choose to repay your GXS FlexiLoan on the same day. Prefer to consolidate all your bills to the end of the month instead? That's fine too – the choice is yours!

Do note that the repayment date you choose will be applied to all your monthly instalment payments across all your subsequent loans.

The interest payable component forms part of your Equated Monthly Instalment (EMI) amount, which is reflected in-app in your repayment schedule. For example:

APR:3% p.a.
EIR:5.69% p.a.
Tenure:3 years
Loan drawn: S$10k

Total interest payable = Loan * APR * tenure
= $10,000 *3%/365 *(365*3 years)[2] 
=$900

The interest payable component forms part of your Equated Monthly Instalment (EMI) amount, which is reflected in-app in your repayment schedule. For example,

EMI amount = (interest payable + principal) / tenure
=($900 + $10,000)/ 36 months
=$302.78

Your monthly repayment amount over the 3 year tenure will therefore be $302.78.

Repayment of your loan instalments are done on the GXS app. You may use the Quick Pay Due option, which is a quick and easy method to repay your monthly loan instalment(s) if you have no overdue payments. Here’s how:

1. On your FlexiLoan home screen, tap on 'Quick Pay Due'.

2. Select your payment method.

3. Review your repayment details and click 'Confirm & Pay'.

Alternatively, you may also opt to repay your instalments for individual loans via the following steps:

1. On your FlexiLoan home screen, select the loan which you'd like to repay (at the bottom of the screen).

2. Select the amount you'd like to repay. You can choose between

1. Entering an amount of your choice;
2. The monthly instalment payable option; or
3. The full repayment option

3. Select your payment method.

4. Review your repayment details and click 'Confirm & Pay'.

You can repay your loan instalment(s) early any time, we won't charge you fees for being an early bird! In fact, you'll enjoy interest savings too. When you make an early repayment, it'll be taken off your principal amount that's due before your scheduled repayment date.

Yes, you can. Here’s how:

1. In your GXS FlexiLoan home screen, select the individual loan you’d like to repay.
2. Key in the amount you'd like to repay.
3. Select your payment method.
4. Review your repayment details and click 'Confirm & Pay'.

Please note that late interest charges will apply to the remaining balance of your monthly instalment amount due.

Yes! If you pay an amount higher than your monthly instalment amount, the excess amount will be deducted from your next monthly instalment due, or applied to your other active loan(s).

You can lower your credit limit in just four steps.

1. Log into your GXS app.
2. In your FlexiLoan home screen, tap the Manage icon (beneath your available limit)
3. Select 'Lower credit limit'
4. Input your preferred credit limit and click 'Confirm'

Done! Your new credit limit will take effect immediately.

1. On the GXS FlexiLoan home screen, tap on 'Manage'.
2. Select 'Get account details'.

You'll see your beneficiary name, account number, bank name, bank code and branch code.

Before closing your GXS FlexiLoan account, please ensure that all your loans have been fully paid.

Once that's done, here's how you can close your GXS FlexiLoan account:

1. On the GXS FlexiLoan home screen, tap on 'Manage'.
2. Select 'Close Account'.
3. Click 'Done'.

Your GXS FlexiLoan account will be closed.

You can view your GXS FlexiLoan monthly statements on the GXS app.

1. On the GXS FlexiLoan home screen, tap on 'Manage'.
2. Tap on 'View Statements'.
3. Select a month to view your account statement.

You may also download your monthly statements from the GXS app.

Just tap on 'History' on your GXS FlexiLoan home screen within your GXS app. It's that easy!