Singapore’s financial scene is always changing, and GXS Bank has been part of that story since 2020. Backed by Grab and Singtel, this digital-only bank is shaking up the way we think about unsecured credit. With a digital banking licence from the Monetary Authority of Singapore (MAS), GXS stands out as one of just five digital banks that bring a fresh, modern approach to banking, perfectly suited to our increasingly cashless lifestyles.
GXS Bank’s suite of products includes renovation loans, debit cards, no-interest credit cards, bank transfers, and the GXS FlexiLoan, a personal loan which promises low interest rates and flexible instalment repayment plans. Read on as this comprehensive GXS FlexiLoan review breaks down everything you need to know, compares it to major bank loans, and explores other alternatives.
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What is a Digital Bank in Singapore?
A digital bank operates entirely online without physical branches. You can access a wide range of services, including savings accounts, personal loans, and debit/credit products, through mobile apps or web platforms, making banking more convenient and accessible.
By running solely on digital platforms, banks like GXS can innovate and roll out new products more quickly. The absence of physical infrastructure also allows these banks to pass on savings to consumers in the form of lower fees or more competitive interest rates.
In Singapore, digital banks are regulated by MAS to ensure security and compliance with industry standards. There are currently five digital banks in Singapore – GXS Bank, MariBank, ANEXT Bank, Green Link Digital Bank, and Trust Bank.
What is GXS FlexiLoan?
| Eligible age | 21 to 65 years old |
| Minimum annual income | S$20,000 |
| Citizenship status | Singaporeans or Singapore Permanent Residents |
| Interest rate | From 2.88% p.a. (EIR 5.45% p.a.) |
| Fees | No processing, early termination, or late fees. 28% p.a fee for late repayments |
| Loan amount | S$200 (minimum), maximum amount is capped at your total available credit limit |
| Tenure options | 2 to 60 months |
| Loan options | Balance transfer or instalment loan |
The GXS FlexiLoan is designed for a broad range of Singapore-based borrowers who need flexible, digital-first personal financing. It is a revolving line of credit that allows you to draw multiple loans —capped at 10— up to a pre-approved limit, and you can access cash instantly 24/7. All you need to do is obtain initial approval for the loan from GXS Bank, and the credit line will serve as a standby facility.
The minimum drawdown amount is designed to be accessible, starting from as little as S$200, and you have the flexibility of selecting a loan tenure ranging from 2 to 60 months. If you don’t draw any funds, you won’t be charged interest or fees. Additionally, there are no early repayment, annual, or late fees (although late interest charges will be applied for missed payments).
Once you take a drawdown, you can convert the GXS personal loan under one of two structures:
- Balance transfer, which offers smaller monthly repayments over 4 to 12 months. You’ll have to repay your outstanding loan by the end of the loan tenure. There’s 0% interest with a one-time processing fee (EIR 4.13% p.a.). In general, you can only take a balance transfer once.
- Instalment loan, which offers standard instalment repayment over 2 to 60 months, with interest charged on the outstanding balance. Interest starts from as low as 2.88% p.a. (EIR 5.45% p.a.), and you can draw up to 10 loans from your available credit instantly (including a balance transfer).
| Balance transfer | Instalment loan | |
| Interest | 0% | From 2.88% p.a. (EIR 5.45% p.a.) |
| Fee | An affordable one-time processing fee starting from 1.35% of your loan amount | No annual, processing, early repayment, or late fees |
| Loan tenure | 4 – 12 months | 2 – 60 months |
| Repayment schedule | Start repaying with a minimum of only 1% of the loan amount per month. Be sure to repay the remaining loan amount before the end of your tenure | Equal, unchanging monthly payments throughout your loan tenure |
| Any fees for early repayment? | No | No |
| Minimum/maximum loan amount | S$1,000 (minimum), maximum is capped at your total available balance transfer limit | S$200 (minimum), maximum is capped at your total available credit limit |
| No. of loans | 1 | 10 (including balance transfer) |
| Best uses | Managing multiple outstanding balances with a single facility, short-term cash needs | Emergencies, large-ticket items, education, debt consolidation, and cash for business needs |
Note that existing GXS FlexiCard and/or GXS Biz Account and/or GXS FlexiLoan Biz owners aren’t eligible to apply for GXS FlexiLoan. You also won’t be able to apply for a GXS FlexiLoan if you’re on a Debt Consolidation Plan or Debt Repayment Scheme.
GXS FlexiLoan Key Characteristics & Features
Here are some standout features that define GXS FlexiLoan:
Flexible borrowing
Unlike traditional personal loans that disburse the entire approved amount minus processing fees upfront, the GXS Flexi Loan lets you draw down smaller amounts (from as low as S$200) whenever you need them. This helps you avoid paying interest on funds you don’t actually use, keeping costs lower from the get-go.
Flexible repayment
The GXS FlexiLoan with flexible loan tenures offers two ways for you to access funds: the GXS Instalment Loan with fixed monthly repayments, and the GXS Balance Transfer, which allows you to make low monthly repayments.
The latter is designed to help you ease cash flow with a lump sum repayment required only at the end of the loan tenure. This specific structure charges only a one-time processing fee, upwards of 1.35% of the loan principal. Note that this fee varies depending on your chosen loan tenure.
Customisable loan tenure
The GXS FlexiLoan tenures are highly flexible. Borrowers can pay between 2 and 60 months. You can also select your preferred monthly repayment date to align with your salary cycle.
Interest Rates
The GXS Instalment Loan interest rate starts from 2.88% p.a. (an EIR of 5.45% p.a.). Alternatively, you may opt for the GXS FlexiLoan Bank Transfer, which offers instant cash with zero interest, a low one-time fee, and low monthly repayments.
Fee-free structure
GXS Bank doesn’t charge any processing fee or early repayment penalty for instalment loans. While there are no hidden fees, you’ll be charged 28% p.a. late interest if you fail to make a monthly repayment.
| No. of days past repayment date | Late interest charges (%) |
| 2 days | No late charges |
| 3 to 14 days | 28% p.a. on overdue principal amount |
| 15 days or more | 28% p.a. on total outstanding principal balance |
Fast approval process
If you meet GXS’s loan eligibility criteria, the initial application is typically approved within 3 minutes. Once your credit line is set up, you can draw down the loan amount and receive the cash disbursement almost instantly, hence offering rapid access to funds.
Paperless application
The application process for the GXS loan is quick and digital. For Singapore Citizens and Permanent Residents, no physical documentation is required as long as your Singpass Myinfo is up to date.
GXS In-app and email reminders
The GXS Bank app sends in-app and email notifications for every incoming or outgoing transaction. These reminders help you stay updated and encourage timely loan repayments. By keeping borrowers updated in real time, GXS reduces the risk of missed payments and enables you to manage your finances with greater confidence
How GXS FlexiLoan compares with other banks
Here’s a quick look at how GXS FlexiLoan compares with personal loans from other banks:
| Lender | Annual interest rate | Effective interest rate (EIR p.a.) | Processing fees | Other fees | Other incentives |
| GXS FlexiLoan (Instalment) | From 2.88%
|
From 5.45% | 0 | 28% p.a. for late payment | 1.28% in cashback |
| GXS FlexiLoan (Balance Transfer) | 0 | From 4.13% | 1.35% to 3.85% | 28% p.a. for late payment | S$100 Shell vouchers |
| DBS Personal Loan | From 1.99% | From 4.17% | 1% | S$250 for early termination
S$120 for late payment |
3% in cashback |
| OCBC Personal Loan | From 1.98% | From 4.19% | $100 | S$150 or 3% for early termination
S$80 for late payment |
|
| CIMB Personal Loan | From 1.86% | From 3.56% | 0 | S$100 for late payment fee | |
| HSBC Personal Loan | From 1.80% | From 3.50% | 0 | 2.5% for early termination
S$120 for late payment fee S$120 for annual fee (waived for first year) |
|
| Trust Instant Loan | From 1.56% | From 3.00% | 0 | S$100 for late payment fee
3% for early termination |
|
| Maribank Instant Loan | From 1.86% | From 2.79% | 0 | S$100 or 3% for early termination | |
| Citibank Quick Cash | From 3.45% | From 6.50% | 0 | S$100 or 3% for early termination | |
| Standard Chartered CashOne Personal Loan | From 1.80% | From 3.44% | 0 | S$199 for annual fee
S$150 or 3% for early termination S$100 for late payment fee |
Note: GXS’s loan package is highly competitive compared to traditional banks’ personal loans that stack multiple fees on top of the loan interest. With one of the lowest EIRs and a promotional loan interest rate of 1.6% until 31 October 2025, GXS FlexiLoan not only incentivises borrowing but also helps customers reduce a significant portion of their borrowing costs.
How to apply for the GXS FlexiLoan
To apply for the GXS loan, follow these four simple steps:
- Check your eligibility – Applicants must be Singaporeans or Singapore Permanent Residents, aged between 21 and 65, and earn a minimum annual income of S$20,000.
- Download the GXS App – Get the GXS app on your mobile phone (App Store or Google Play).
- Submit Application – Sign up for an account and apply for the FlexiLoan entirely through the app, using Singpass Myinfo for instant verification of your identity and income.
- Draw Down Funds – Once approved for a credit limit, select your desired loan amount and tenure (Instalment Loan or Balance Transfer) within the app, and the funds will be instantly disbursed to your preferred bank account.
GXS promotion
From 24 September until 31 October 2025, you can apply for a GXS Instalment Loan with a competitive interest rate starting from 1.6% p.a. with interest rebates of 1.28% in cashback. This offer is valid for new sign-ups of a personal loan of at least S$10,000, with a minimum 12-month loan tenure. Applicants must open a GXS Savings Account by 31 October 2025 to receive the cashback. Read the full T&Cs here.
Pros and cons of GXS FlexiLoan
| Pros | Cons |
| Highly flexible.
Works like a credit line, allowing borrowers to draw multiple loans of varying amounts (from S$200) and tenures (2 to 60 months) from the approved limit. |
High late interest charge.
A late interest charge of 28% p.a. applies for late repayments. |
| No annual, processing, or early repayment fees for the standard Instalment Loan. | Moderate Balance Transfer processing fee.
The processing fee, starting from 1.35% of the loan sum, makes the EIR less competitive. |
| Save on early repayment. Interest is calculated daily on the outstanding balance. This means early repayment reduces the overall cost of borrowing. | |
| Easy online application.
Loan applications and approvals via the GXS app are fast and completely digital using Singpass Myinfo. |
With flexibility and no annual, processing and early repayment fees, the GXS FlexiLoan gets an 8/10 score.
Who should consider GXS FlexiLoan?
The GXS FlexiLoan is particularly well-suited for several specific segments of borrowers in Singapore:
Those who want financial flexibility
The GXS loan functions as a revolving credit line, which is ideal for those who need access to cash for emergencies or unexpected expenses at different times. The flexibility to set a custom repayment date that aligns with irregular or non-monthly salary payouts is a major benefit for those with variable incomes, too.
Those who plan to repay early
The loan is highly beneficial for disciplined borrowers planning to pay off their debt quickly. Since GXS Bank does not charge any fees for early repayment and the loan interest is calculated daily on the outstanding balance, early repayment immediately reduces the cost of borrowing, hence maximising savings.
Those who are consolidating high-interest debt
The GXS Balance Transfer option is designed for individuals who want to pay off high-interest debts (like credit card debt, which can exceed 25% p.a.) affordably by transferring the balance to GXS for a short period, with 0% interest.
Those who need small and short-term funds
GXS FlexiLoan has a minimum loan drawdown amount of just S$200 and tenures as short as two months. These features make the loan suitable for facilitating minor expenses or short-term cash flow needs that don’t require a large, fixed-term personal loan.
Those who need to manage large expenses
The GXS FlexiLoan provides effective and responsible solutions for addressing immediate financial needs, whether it’s an emergency expense, a sudden home repair, or a necessary big-ticket item. Thanks to the GXS FlexiLoan’s fast approval and competitive interest rates, borrowers can cover the cost instantly, then pay it back responsibly over a manageable tenure without dipping deep into their savings.
Those who want cheaper financing
The GXS FlexiLoan is more cost-effective than relying on a credit card. While typical credit cards in Singapore carry high interest rates often exceeding 25% p.a., which compound daily and can lead to rapidly snowballing debt, the GXS FlexiLoan features more affordable, competitive interest rates.
Furthermore, GXS calculates interest on a daily non-compounding basis on the outstanding balance, meaning that any early or partial repayment immediately reduces the principal and lowers the interest charge for the next day. This offers tangible interest savings, a financial benefit rarely found with conventional credit cards.
Is GXS Bank safe?
GXS Bank is a fully licensed and regulated financial institution in Singapore. With a Digital Full Bank (DFB) licence issued by MAS, the country’s central bank, GXS Bank is regulated by the security standards as traditional banks operating in Singapore.
Furthermore, GXS Bank is backed by a powerful consortium consisting of Grab Holdings Inc., Southeast Asia’s leading super app, and Singtel, Asia’s leading communications technology group. Taking a loan from GXS is as safe as borrowing from other local banks. Just be sure to borrow responsibly and avoid late payments to keep your costs low.
Alternatives to GXS FlexiLoan
Besides GXS and traditional banks, licensed money lenders in Singapore also offer personal loans that can be useful for urgent cash needs. The following provides a glimpse into how personal loans may vary between different lenders in Singapore.
| Lenders | EIR (p.a.) | Maximum loan | Interest type | Eligibility |
| GXS | From 5.45% | S$200 to S$150,000, depending on credit assessment | Flat rate | Singaporean or Permanent Resident, 21 to 65 years old, minimum annual income of S$20,000 |
| UOB | From 3.40% | 4 times monthly salary | Flat rate | Singaporean or Permanent Resident, 21 to 65 years old, minimum annual income of S$30,000 |
| Licensed Money lender | From 12.20% to 58% | S$500 to 6 times monthly salary | Monthly rest rate | Singaporean, Permanent Resident, or foreigner based in Singapore, 18 to 65 years old (minimum age for some lenders is 21). |
More about personal loans from licensed money lenders
Licensed money lenders in Singapore are non-bank entities authorised by the Ministry of Law (MinLaw) to provide loans, often catering to individuals who may not meet the strict credit requirements of a bank or those who need urgent cash disbursement.
The personal loans offered by legal lenders are regulated, and the chargeable fees are limited to the following framework:
- Interest rate capped at 4% per month
- Late interest capped at 4% per month (on the overdue principal)
- Late fee capped at S$60 per month
- Upfront admin fee capped at 10% of principal
- Total borrowing cost is capped at 100% of the principal
To protect yourself from illegal lenders, always verify a money lender’s legitimacy against MinLaw’s official list of approved lenders before signing a loan contract. The following illustrates the maximum loan amount you can expect to borrow from a licensed money lender:
| Annual income | Singaporeans or Singapore Permanent Residents | Foreigners based in Singapore |
| S$10,000 or less | Maximum loan sum – S$3,000 | Maximum loan sum – S$500 |
| S$10,000 to less than S$20,000 | Maximum loan sum – S$3,000 | Maximum loan sum – S$3,000 |
| S$20,000 and above | 6 times monthly income | 6 times monthly income |
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Conclusion
The GXS FlexiLoan is a highly competitive and innovative option in the Singapore market. The standout features of the GXS FlexiLoan are its unique daily interest calculation, fee-free Instalment Loan, and unparalleled flexibility to draw multiple loans to a pre-approved limit.
Backed by Grab and Singtel and regulated by the MAS, GXS Bank offers a safe and reliable platform for borrowing. It is suitable for individuals who seek small, short-term funds that offer repayment flexibility to match their cash flow.
If you are ready to explore loan options and compare rates based on your unique financial profile, you can apply now with our simplified application process. If you have any questions or require personalised financial advice, please don’t hesitate to contact us.
