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

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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.

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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.

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

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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:

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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.

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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'.

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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.

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