GXS Bank has unveiled the GXS Reno Club, a new initiative aimed at making home renovations more affordable for consumers. With 17,000 new build-to-order (BTO) flat owners expected to receive their keys in 2025, the bank is targeting a significant market of homeowners who typically set aside around S$15,000 for home improvements.
The GXS Reno Club offers the first 1,000 consumers each month who take up a GXS FlexiLoan of at least S$15,000 over a 12-month period access to exclusive benefits. These include a preferential interest rate on their loans and enhanced savings on their GXS Savings Account balances up to S$20,000. To join, members must name their loan “RENOCLUB.”
The programme is supported by GXS Bank’s ecosystem partners, Grab and Singtel, providing members with exclusive deals. Jenn Ong, Head of Retail at GXS Bank, emphasised the financial strain renovations can impose, noting that costs for an HDB flat can range from S$35,000 to over S$80,000. “We created the GXS FlexiLoan with one question in mind: ‘Why should loans feel like shackles on your feet when it should help you soar?’” Ong stated.
The GXS FlexiLoan allows for multiple drawdowns without reapplying, and repayments can be made in instalments or in full without early charges. This flexibility is designed to accommodate the staggered payment nature of renovation projects.
To celebrate the launch, from 10 April to 30 June 2025, GXS Reno Club members will enjoy a 1% interest rate reduction on their first loan, additional bonus interest on savings, and discounts on home furnishings through Grab’s services. Members will also receive six months of free Amazon Prime subscription via cast.sg.
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