Customers of GXS Bank’s GXS FlexiLoan have cumulatively saved $4 million in interest over the past year.
In a release, the bank says it has disbursed more than 100,000 loans since the launch of GXS FlexiLoan in April 2023. GXS expects to double this in the “coming months”.
The average loan amount taken by GXS FlexiLoan customers has also grown, increasing by 30% over the past six months.
GXS is the only bank in Singapore that calculates interest on a daily basis for personal installment loans, against the prevailing market practice of charging interest on a monthly basis even if customers repay their loans early. GXS also does not charge an early repayment fee.
“Personal loans in Singapore often come with legacy administrative fees which erode the financial boost that loans should provide consumers. We believe that a loan can be a powerful tool in your financial toolkit if used wisely,” says GXS head of retail Jenn Ong.
To commemorate GXS FlexiLoan’s first anniversary, the bank has launched a campaign offering its customers a chance to win rewards including an iPhone 15 with a complimentary one year Singtel plan.
