GXS FlexiLoan customers have saved S$4m in interest: GXS Bank

The loan’s interest is calculated daily based on the outstanding balance the day before.

GXS Bank’s GXS FlexiLoan has reportedly helped customers cumulatively save S$4m in interest in the past 12 months.

Launched in April 2023, over 100,000 loans have been disbursed under the GXS FlexiLoan, the bank said in a press release.

The loan’s interest is calculated daily based on the outstanding balance at the end of the previous day on a non-compounding basis. This benefits consumers who make early repayment, as the following day’s interest is calculated based on the new reduced outstanding balance.

ALSO READ: MAS eyes enhanced safeguards for elderly and non-english proficient financial clients

GXS is the only bank in Singapore that calculates interest on a daily basis for personal installment loans, as the prevailing market practice is to charge interest on a monthly basis.

Follow the link for more news on

GXS Bank

Also Read

Malaysia's private sector credit grows 5.4% in April

Hong Kong mortgage loans drawdown rises by 9.9%

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia