What is Tenure Extension

Loan tenure extension enables you to extend the repayment period of your eligible GXS FlexiLoan Instalment Loan for a short term, up to a maximum of 6 months, from your remaining tenure. This helps you to reduce your monthly repayment amount at a low tenure extension fee.

This is a limited-time offer available for 30 days after you receive push and email notifications offering you the Tenure Extension option.

Illustration: Equal Monthly Instalment (EMI) Calculation and Final Repayment Date upon Tenure Extension
Following the exercise of the Tenure Extension feature, EMI is calculated as follows:

  Outstanding Balance + Total Interest Accrued
-------------------------------------------------
                     Remainder Tenure


“Outstanding Balance” means the total outstanding principal plus unpaid interest accrued on your eligible Instalment Loan as at the Tenure Extension Date

“Total Interest Accrued” means the total interest you will accrue from the Tenure Extension Date until the New Final Repayment Date.

“Remainder Tenure” means the total number of months remaining on your Instalment Loan after you have selected the additional number of months to extend your final repayment date

“New Final Repayment Date” means the updated final repayment date of your eligible Instalment Loan after the extension of your eligible Instalment Loan

Example:

John originally took out an Instalment Loan with a 36-month repayment period, scheduled to end on 15 December 2027. He has diligently paid all his instalments up to 15 September 2027, leaving him with just 3 scheduled repayments remaining. At this point, his Outstanding Balance is S$500.

October 3, 2027, John decides to extend his loan by 2 months, making the Remainder Tenure 5 months (being 3 scheduled repayments remaining plus the extension of 2 months). Assuming the Total Interest Accrued from the date of extension until the New Final Repayment Date is S$50, the New Outstanding Balance will be S$550.

The New Outstanding Balance amount of S$550 will now be divided by the Remainder Tenure of 5 months , making his New Equal Monthly Instalment Amount S$110. This New Equal Monthly Instalment Amount is payable starting from October 15, 2027, with his New Final Repayment Date being February 15, 2028