What are the annual fee and processing fees payable if I take up the GXS FlexiLoan (Balance Transfer)?

GXS FlexiLoan (Balance Transfer) does not charge any processing fees or any annual fees.

Am I eligible for the GXS FlexiLoan (Balance Transfer)?

If you’re a Singapore Citizen or Permanent Resident (PR), you’re eligible to apply for the GXS FlexiLoan (Balance Transfer), as long as you’re aged 21 to 65, and earn a minimum annual income of $20,000 (for Singaporeans and PRs).

No lock-in period

GXS FlexiLoan (Balance Transfer)

0% p.a.

Interest Rate ¹ EIR 4.13% p.a

^S$10,000

Total Amount Payable

From 1.35%

Processing Fee ²

Loan Details

Good For

Individuals with urgent financial needs, such as unexpected medical bills or emergency repairs, who want to avoid high-interest loans.

Borrowers looking to consolidate credit card debt and reduce financial stress with a 0% interest balance transfer.

Self-employed or variable-income earners seeking flexible repayment terms starting at just 1% of the loan amount.

Budget-conscious borrowers who appreciate the absence of annual fees, full repayment penalties, and predictable processing fees.

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GXS FlexiLoan (Balance Transfer) Benefits 2025

Since its launch in August 2022, GXS Bank has been providing a wide range of banking services for gig workers, entrepreneurs, small businesses and many more clients.

Among its range of personal loan products and services is the GXS FlexiLoan (Balance Transfer) which allows you to take up any loan amount from as low as S$200 and for a loan tenure as short as two months.

With its quick cash disbursement, greater flexibility to choose your preferred tenure and repayment date, convenience via the GXS app, no hidden fees and more benefits, it's a great personal loan option to consider if you're a digital-savvy individual looking to borrow some cash.

Pros & Cons Of GXS FlexiLoan (Balance Transfer)

Pros

Quick cash disbursement
0% interest rate
Open to Singapore Citizens, and PRs, aged 21 to 65
Minimum annual income of $20,000 for Singaporeans and PRs
No early repayment fees, customisable repayment tenure (4 months - 12 months)

Cons

May not be suitable for long-term credit needs
May not be suitable for consolidating high-interest debt

Types of GXS FlexiLoan

Instalment loan

For those who prefer equal monthly payments over a longer period, GXS FlexiLoan offer flexible tenures from 2 to 60 months, with interest rates starting as low as 2.99% p.a. (EIR 5.65% p.a.). There are no fees, and early repayment can save on interest. This option is ideal for long-term financial goals, renovations, education, or consolidating debts.

Balance transfer

A balance transfer is ideal for conserving cash with smaller monthly repayments over a shorter period. With tenures of 4 to 12 months and a minimum repayment of 1% of the loan principal, you enjoy 0% interest and a one-time processing fee (EIR 4.13% p.a.). It's perfect for short-term needs like emergencies, business cash flow, or debt consolidation.

How Is GXS FlexiLoan (Balance Transfer) Instalment Repayment Like?

Repaying your GXS FlexiLoan (Balance Transfer) is straightforward, with the interest payable forming part of your Equal Monthly Instalment (EMI), which is clearly displayed in-app in your repayment schedule. The loan's Annual Percentage Rate (APR) determines the cost of borrowing, while the Effective Interest Rate (EIR) reflects the true cost by factoring in total charges over the loan’s reducing balance. This helps you better manage your repayment plan with a clear breakdown of your costs.

For example, if you take out a S$10,000 loan with 0% interest and a one-time processing fee (EIR 4.13%) over a 12-month tenure, here’s how the repayment works:

Processing fee calculation: With an EIR of 4.13%, the one-time processing fee would be approximately S$413.

Total repayment amount = Principal + Processing Fee

= S$10,000 + S$413

= S$10,413

Monthly repayment (minimum repayment of 1% of the loan principal) =

Principal × 1%

= S$10,000 × 1%

= S$100 per month

Since the loan has a 0% interest rate, the minimum monthly repayment consists primarily of repaying 1% of the principal each month, with the processing fee spread across the loan period.

Thus, for a S$10,000 loan over 12 months, your estimated minimum monthly repayment will be S$100, plus the processing fee divided across the tenure. This amounts to approximately S$434.42 per month (S$100 for the principal and S$27.78 from the processing fee over 12 months).

Note that the APR represents the overall cost of borrowing as a percentage of the loan, while the EIR provides a more accurate reflection of the true cost by accounting for all charges and using a reducing balance calculation.

Check Out Our Review Of GXS FlexiLoan In This Article!

Read Review

Compare GXS FlexiLoan (Balance Transfer) vs SCB CashOne vs HSBC personal loan

Besides the GXS FlexiLoan (Balance Transfer), there are other popular personal loans in the market like the Standard Chartered CashOne and HSBC personal loan. As you compare the different interest rates and benefits of personal loan options available on MoneySmart, it'll probably help you make a better decision.

Among the 3 personal loans, the GXS FlexiLoan let's you save the most on annual fees as it doesn't charge any unlike the SCB CashOne and HSBC Personal Loan. Moreover, it gives you the flexibility of borrowing up to 10 loans instantly in combination with GXS’ Balance Transfer, plus no additional approvals or checks required.

When it comes to interest rates, the GXS FlexiLoan seems to have the highest minimum interest rate of 2.99% for its Instalment Loan but zero interest for it's Balance Transfer. The GXS FlexiLoan also has the fastest cash disbursement while SCB CashOne disburses in 15 minutes and the HSBC Personal Loan takes longer, with a processing time of 3 to 5 business days.

GXS FlexiLoan and SCB CashOne have a lower minimum income requirement of $20,000, making them more accessible to a wider range of borrowers, while the HSBC Personal Loan has a higher threshold, requiring a minimum annual income of $30,000.

GXS FlexiLoan (Balance Transfer)	SCB CashOne	HSBC Personal Loan
GXS FlexiLoan (Balance Transfer) Balance transfer interest rate: 0% Instalment loan interest rate: From 2.99%	SCB CashOne Interest rate: From 2.88%	HSBC Personal Loan Interest rate: From 2.92%
GXS FlexiLoan (Balance Transfer) Annual fee: None	SCB CashOne Annual fee: $199 for Year 1 (None from Year 2 onwards)	HSBC Personal Loan Annual fee: $120 (First year waiver available)
GXS FlexiLoan (Balance Transfer) Minimum annual income: $20,000 for Singaporeans and PRs	SCB CashOne Minimum annual income: $20,000 for Singaporeans, PRs and foreigners	HSBC Personal Loan Minimum annual income: $30,000 for Singaporeans and PRs
GXS FlexiLoan (Balance Transfer) Loan disbursement speed: Within a few minutes	SCB CashOne Loan disbursement speed: 15 minutes	HSBC Personal Loan Loan disbursement speed: 3 to 5 business days

Step 1

Apply via MoneySmart’s Personal Loans page

Simply start your application by clicking on our GXS FlexiLoan (Balance Transfer) application link.

Once you’ve entered the required information, GXS Bank will pull your identity and income data from SingPass (which is already verified), which shortens the processing time. You can expect the approval-in-principle page to appear within minutes of submitting your MyInfo details.

Step 2

Get all required documentation ready

Next, prepare all the necessary documentation that is needed for GXS Bank to approve your personal loan application. The list of documents include:

NRIC or other identification details
Latest computerised payslip
Latest 6 months’ CPF Contribution History Statement
Latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount

Step 3

Look out for your loan disbursement

The loan disbursement will be completed (approval in principle within a few minutes) upon GXS Bank’s approval of your online application.

Frequently Asked Questions About GXS FlexiLoan (Balance Transfer)

What are the annual fee and processing fees payable if I take up the GXS FlexiLoan (Balance Transfer)?: GXS FlexiLoan (Balance Transfer) does not charge any processing fees or any annual fees.
Am I eligible for the GXS FlexiLoan (Balance Transfer)?: If you’re a Singapore Citizen or Permanent Resident (PR), you’re eligible to apply for the GXS FlexiLoan (Balance Transfer), as long as you’re aged 21 to 65, and earn a minimum annual income of $20,000 (for Singaporeans and PRs).