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.
Score a S$50 Grab voucher with a Balance Transfer loan of S$3,000 or more. Offer ends 30 Sep 2024.
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 Bank 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 Bank 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.
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:
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 draw down, 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. Find yours on your GXS Bank app.
Download the app.
Get the GXS Bank app and sign up for a GXS FlexiLoan account today. View your available credit limit.
Download nowGo to 'Borrow'
and select 'Balance Transfer'
by tapping ‘Change’.
![](https://cdn.prod.website-files.com/6361d54daaadd91c364a9c51/66442c9346dc0ded2f7975fd_GXS-BalanceTransfer-2.gif)
Select your loan amount
and tenure.
![](https://cdn.prod.website-files.com/6361d54daaadd91c364a9c51/667e855ab29805766362089a_240503_Icon_0%25_FP.png)
READY?
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.