GXS Bank Introduces FlexiLoan

Interest rates start from 3.8% per annum.

One of Singapore digital-only banks, GXS, has debuted a personal loan product called GXS FlexiLoan.

The FlexiLoan, touted as the first unsecured term loan provided by a Singaporean bank, allows customers to pay off their loan partially or completely without any early repayment fees, while also benefiting from interest savings.

Also, the new credit product infused traits of a credit line and personal instalment loans. Thus, allows customers control and flexibility over their finances with a monthly payment option that can be aligned with their salary payout.

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The minimum loan amount is settled at $200 and is open to individuals that meet the regulatory standards of Singapore such as a minimum annual income of $20,000.

Those that are able to pay off their debt at an earlier time can benefit from the reduced accumulated interest rates. Interest rates begin from 3.8% per annum (p.a.) and depend on an individual’s credit risk score assessment.

Consumers of the loan can opt for multiple loan drawdowns from their credit line with no underwriting or approvals.

FlexiLoan is the bank’s second product after the exclusive GXS Savings Account offering, which launched in August last year.