A. Key Info: FlexiPay

Overview of FlexiPay

The FlexiPay is a feature offered as part of GXS FlexiLoan. It enables eligible users to convert their outstanding Instalment Loan balances into a flexible line of credit.

FlexiPay  provides no fixed end-tenure, requiring only minimum monthly repayments (the higher of 1% of principal or S$30, plus interest and fees if any). Overall, you pay a smaller monthly minimum repayment with FlexiPay, and with no fixed end-tenure, allows you to better manage your cashflow. 

Eligibility

• FlexiLoan customers with active Instalment Loans (BT not applicable)
• Instalment Loan principal must be at least S$30
• No late/delinquent payments  (user must not be in DPD)
• Loan must be on book for at least 3 months
• No drawdown blocks, pending/closed facilities
• Full loan conversion only; minimum conversion amount applies

Fees and charges

• A one-time conversion fee of 0.25% is charged on the outstanding balance of the GXS FlexiLoan converted into FlexiPay.
• Interest rate for FlexiPay is 26% p.a. or 0.07% daily. 
• A flat late fee of S$100 applies if customer pays less than the minimum repayment amount due. Interest is not charged on fees or accrued interest. 

Impact on Original Term Loan

• The Instalment Loan is marked as fully paid upon FlexiPay conversion, and transaction history/CRM will reflect that this was a bank-initiated repayment (not customer-initiated)
• Not considered a loan restructuring under regulatory definitions 

How can customer convert the Instalment loan to FlexiPay

If customer is eligible, the “Explore FlexiPay” option will appears in their app under FlexiLoan homescreen. 
Customer can also discover it under “Manage” account, click on “Convert to FlexiPay”. 

• Select the loan to be converted, review terms, and confirm
• Entire outstanding is transferred, and the term loan is closed

E-statements 

E-statement provided for FlexiPay is separate from FlexiLoan account and are uploaded on the app is based on statement cycle, not calendar month (i.e. 14 days before due date). 

The e-statements can be retrieved under the "Manage" tab within customer's FlexiPay account. 

Fee Waivers and Exception Handling

• No self-serve fee wavier at launch
• Fee waiver requests are evaluated per business rules; appeals may be initiated through customer service and will be reviewed by the business Slack channel gxs_cx_comms_flexiloans