Terms and Conditions governing the GXS FlexiLoan Tenure Extension Feature Promotion

This Promotion is available to you from the date on which you have been notified by the Bank that you have been offered the Tenure Extension feature to such date falling 30 days after you have been notified (both dates inclusive) or such date(s) as may be determined by GXS Bank Pte. Ltd. (“GXS” or “Bank”) in its sole and absolute discretion (“Promotion Period”).

a.  You are eligible to participate in this Promotion if you have been notified by the Bank pursuant to Clause 1 above and provided with the option to extend the tenure of your instalment loan(s) (“Tenure Extension”) by the Bank in your GXS FlexiLoan account in your GXS Bank app.

b. The decision to provide you with the Tenure Extension option and which instalment loan(s) are eligible for such Tenure Extension, are each at the Bank’s sole and absolute discretion although some criteria which would render an instalment loan ineligible for Tenure Extension include (but are not limited to) instalment loans which are converted from Balance Transfer loans, insufficient available credit and the outstanding balance on the instalment loan is less than S$200. The list of instalment loan(s) that are eligible for Tenure Extension will be set out in your GXS FlexiLoan account in your GXS Bank app.

c.  Under this Promotion, you are provided with the option to extend the tenure of eligible instalment loan(s) subject to a Tenure Extension Fee (as defined below).

d. The Bank shall have the right to retract its offer to you of the Tenure Extension and disable the Tenure Extension feature on your GXS Bank app at any time and/or reject your exercise of the Tenure Extension feature at its sole discretion without providing you any reasons and without liability, although reasons for such retraction and disablement and/or rejection include but are not limited to any Tenure Extension Validity Period expiry, there being any overdue outstanding amounts owed by you to the Bank, any bank product account which you hold with the Bank is closed, suspended, under investigation, cancelled or terminated (whether voluntarily or involuntarily), any changes to the Bank’s credit assessment of you or your credit rating, or you’ve breached any of the Terms of this Promotion or any applicable GXS Bank product terms and conditions, including the GXS FlexiLoan Terms and Conditions.

a. The option to extend the tenure of your instalment loan(s) must be exercised within 30 days, or such other time period as may be informed to you by the Bank from time to time, from the date you have been offered the Tenure Extension option (“Tenure Extension Validity Period”).

b. You may choose to extend the tenure of one (1), some or all of your eligible instalment loan(s) during the Tenure Extension Validity Period. However, the tenure of an eligible instalment loan can only be extended one (1) time.

c. The tenure of an eligible instalment loan may be extended from the final repayment due date up to the following, whichever is the least:

1. six (6) months from the final repayment due date;
2. the maximum tenure allocated to your GXS FlexiLoan account loans; or
3. the maximum tenure permitted for the relevant loan amount.

The maximum number of months you are permitted to extend the relevant eligible instalment loan by will be reflected in your GXS Bank app.

d. You may not extend the tenure of an eligible instalment loan on a Monthly Repayment Date.

a. Each time you exercise the option to extend the tenure on an eligible instalment loan, a non-refundable tenure extension fee as set out below (“Tenure Extension Fee”) will be charged to you. The Tenure Extension Fee will be payable by the next monthly repayment due date.

b. The applicable Tenure Extension Fee will be the percentage (as set out in the table below) of the Outstanding Balance (as defined in Clause 5(b) below) of an eligible instalment loan as at the Tenure Extension Date.

c. The Bank has the right to change the amount of the Tenure Extension Fee in accordance with the GXS FlexiLoan Terms and Conditions.

a. The new equal monthly instalment repayment amount (“New Monthly Repayment Amount”) payable by you on each Monthly Repayment Date (as defined below) on an eligible instalment loan following the exercise of the Tenure Extension feature is calculated as follows:

b. For purposes of this Clause 5:

“New Final Repayment Date” means the new final repayment date of your eligible instalment loan following the extension of your eligible instalment loan using the Tenure Extension feature.

“New Outstanding Balance” means the Outstanding Balance plus Total Interest Accrued.

“Outstanding Balance” means the total outstanding principal plus unpaid interest accrued (at the rate applicable to your eligible instalment loan) on your eligible instalment loan as at the Tenure Extension Date.

“Remainder Tenure” means the number of months remaining on your eligible instalment loan following the extension of the tenure of your eligible instalment loan using the Tenure Extension feature.

“Tenure Extension Date” means the date on which you extend the tenure of an eligible instalment loan using the Tenure Extension feature. 

“Total Interest Accrued” means the total interest accrued (at the rate applicable to your eligible instalment loan) on the Outstanding Balance from the Tenure Extension Date to the New Final Repayment Date.

c. The New Monthly Repayment Amount does not include the Tenure Extension Fee.

d. There will be no change to the existing selected monthly repayment date (“Monthly Repayment Date”). For example, if the selected Monthly Repayment Date of your eligible instalment loan is 15th of every month, it will continue to be the 15th of every month.

e. The first New Monthly Repayment Amount will be due on the immediate Monthly Repayment Date.

f. The Bank will apply repayments of your eligible instalment loan in the order of fees and charges, overdue amounts, interest, followed by principal. The Bank shall be entitled to apply and appropriate all repayments received in such manner or order as the Bank deems fit.

a. This Promotion is not valid with other offers, discounts, rewards, vouchers or promotions unless otherwise stated. For the avoidance of doubt, you may also participate in all other GXS FlexiLoan campaigns running during the Campaign Period if you have complied with the applicable terms and conditions thereunder, unless otherwise stated.

b. The Bank may add to, amend, modify or vary any or all of these Terms or terminate, extend or shorten the Promotion at any time without notice or liability to any person.

c. The Bank’s records and decisions on all matters relating to the Promotion (including but not limited to the eligibility of any person to participate in the Promotion and the offer, variation or retraction of any interest rate, tenure extension, loan or funding of any loan with respect to the GXS FlexiLoan) shall be final, conclusive and binding on all customers. We are not obliged to entertain any correspondence.

d. In the event of any inconsistency between these Terms and any brochure, marketing or promotional materials relating to the Promotion, these Terms shall prevail.

e. These Terms shall apply in conjunction with the GXS FlexiLoan Terms and Conditions and any other relevant terms as may be updated and/or notified by the Bank from time to time (“GXS FlexiLoan Terms and Conditions”). In the event of any inconsistency between these Terms and the GXS FlexiLoan Terms and Conditions, these Terms shall prevail (insofar as it is applicable to Tenure Extension feature only). In all other cases, the GXS FlexiLoan Terms and Conditions shall prevail.

f. The Bank, employees and/or independent contractors shall not be liable for any loss, liability, expense, damage and/or injury whatsoever or howsoever incurred or sustained by any person by reason of, arising from or in connection with the Promotion or the termination thereof.

g. The Bank is not responsible for any failure or delay in the transmission of any transaction by any party, including acquiring merchants, merchant establishments or any telecommunication provider.

h. These Terms shall be governed by and interpreted in accordance with Singapore law, and you agree to submit to the exclusive jurisdiction of the Singapore courts.

i. A third party who is not a party to these Terms shall have no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce or enjoy the benefit of any provision of these Terms.

j. The Bank reserves the right to reject any application, suspend, terminate or close any GXS FlexiLoan Account and/or change or vary any term of the GXS FlexiLoan offered (including the credit limits and any interest rate) or reject or cancel the exercise of any Tenure Extension at its sole and absolute discretion, including but not limited to if the Bank determines (at its sole discretion) that you have not fulfilled the terms of the Promotion and/or otherwise any misrepresentation, misconduct, fraud, and/or unfair or illegal conduct has been exhibited on your part at any time.

k. The Bank reserves the right, at its sole and absolute discretion, to suspend, discontinue, extend and/or otherwise terminate this Promotion at any time without notice. The Bank shall not be liable for any damages, losses, claims or expenses arising from the suspension, discontinuance, extension and/or termination of the Promotion.

l. The Bank reserves the right to terminate the Tenure Extension feature on your GXS FlexiLoan account at any time without notice and without providing any reason.

m. All information is accurate at the time of publication.