Grab and Singtel’s GXS Bank has launched its instant personal loan product available to all eligible individuals in Singapore which includes having a minimum annual income of S$20,000.
Customers can apply for the GXS FlexiLoan from as low as S$200 where interest rates start from 3.8 percent per annum (effective interest rates from 7.15 percent per annum) and are dependent on the individual’s credit risk scoring assessment.
They will be able to customise their repayment date with tenures as short as two months and if they choose to pay off their loan earlier, they will be able to reduce the accumulated interest.
Additionally, GXS FlexiLoan customers can also make multiple loan drawdowns from their credit line without having to go through underwriting and approval each time.
Customers can also set up prompts and reminders within the app to help keep them on track with their repayment schedules.
This is the second product launch for the bank, following the GXS Savings Account, a savings account that is presently by invitation only and which was launched in August 2022.
Charles Wong, CEO of GXS said,
“With the launch of the GXS FlexiLoan, we are turning the spotlight on the barriers and hindrances in unsecured loan products that hold individuals back from stretching towards their goals.
Over the coming months, expect to enjoy consistent enhancements to the GXS experience as we refine our existing products based on our customers’ feedback and usage behaviours and launch new solutions to tackle existing banking problems.”
Jenn Ong, Head of Credit Products at GXS said,
“Even with the extensive loan products currently available in the market, there are still individuals that are thinly-served by banks and who feel constricted and burdened by the requirements or construct of these products.
When faced with such hurdles, they may look for quick fixes which may not be financially prudent for them, such as taking on alternative loans with high interest rates or hidden fees that may snowball. The GXS FlexiLoan takes all these factors into consideration to account for our customers’ different needs and circumstances.”
