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.

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.

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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.

GXS Bank

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