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.

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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.