What is the difference between Instalment Loan and Balance Transfer?

Instalment Loan and Balance Transfer are different types of loans that you can draw from GXS FlexiLoan.

Instalment Loan
If you prefer to manage your budget with equal monthly payments over a longer period, then this is the loan for you.

• Select a loan tenure of 2 - 60 months (as assigned by the bank)
• Interest from as low as 2.99% p.a. (EIR 5.65% p.a.) or any rate assigned by the bank. No fees at all!
• Repay early and enjoy interest savings

Possible uses: Support your financial goals, business needs, renovation, education, managing multiple outstanding balances with a single facility etc.

Balance Transfer
Conserve cash by making smaller repayments each month over a shorter period. Minimum monthly repayment could be as low as 1% of your loan principal (or at such other rate as stipulated by the bank).

• Select a loan tenure of 4 - 12 months (as assigned by the bank) and repay the remaining outstanding only at the end of the tenure
• Enjoy 0% interest with a one-time processing fee (EIR 4.13% p.a.)

Do note that you can draw a Balance Transfer only once, unless otherwise allocated by the bank.

Possible uses: Support your financial goals, emergencies, short-term business cash-flow cycles, managing multiple outstanding balances with a single facility etc.

*Effective Interest Rate (EIR) for Instalment Loan is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2024 to 1 Jan 2026. EIR for Balance Transfer is calculated with an average loan amount of $10,000, with a 4-month repayment period, from 1 Jan 2024 and a minimum monthly due of 1% of loan principal.