GXS Bank launches the GXS Reno Club to make home renovations more affordable for consumers

SINGAPORE, April 10, 2025 /PRNewswire/ -- GXS Bank today announced that it has launched the GXS Reno Club in its bid to revolutionise home renovation financing for consumers.

GXS Bank designed the GXS Reno Club to help homeowners looking to renovate their homes, which can often be one of the largest expenses of home ownership. According to the Bank's data, GXS Bank customers set aside about S$15,000 on average for home improvements in 2024. With 17,000 owners expected to receive keys to their new build-to-order (BTO) flats in 2025 alone^[1], the market is ripe for a solution that eases the financial burden of home renovations.

Each month, the first 1000 consumers who take up a GXS FlexiLoan instalment loan with a minimum amount of S$15,000 over a 12-month tenure will be eligible for the GXS Reno Club's benefits. To be identified as a member of the GXS Reno Club, they will need to name their GXS FlexiLoan "RENOCLUB".

The GXS Reno Club also combines the resources of the Bank and its ecosystem partners, Grab and Singtel, to make it more affordable for consumers to turn their property into their dream home.

A member of the GXS Reno Club will enjoy a preferential interest rate on their "RENOCLUB" GXS FlexiLoan and balances on their GXS Savings Account up to S$20,000. They can also access exclusive GXS Reno Club deals from Grab, Singtel and their partners. GXS Bank and its ecosystem partners will enhance and refine the benefits to the GXS Reno Club continuously and on an ongoing basis.

On creating a programme focused specifically on home renovation, Ms Jenn Ong, Head of Retail, GXS Bank said, "Renovating a home, or even parts of a home, can put a dent in your finances. According to Qanvast, the average renovation will cost S$35,000 to more than S$80,000 for an HDB flat in 2025^[2]. Often, cash payment is required for these renovations. 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?'. In the same spirit, the GXS Reno Club was born out of our intention to help homeowners build their dream home without feeling weighed down by the cost. By leveraging our ecosystem, we can help to make this significant life milestone more affordable for Singaporeans."

GXS FlexiLoan, built for the renovation process

At the core of the benefits that GXS Reno Club members can enjoy is a preferential rate for GXS Bank's flagship flexible personal loan product, the GXS FlexiLoan.

With the GXS FlexiLoan, customers can make multiple loan drawdowns from their approved loan amount without having to undergo a new application process each time they need financing support. What sets the GXS FlexiLoan apart as particularly suitable for renovation is that customers only need to repay the amount they draw down, instead of the full loan amount. This feature is particularly useful for home renovation projects, which often require payments at different stages.

When it comes to repayment, homeowners can also choose repayment terms that are most convenient for them. They also have the flexibility to repay their loan in installments or in full without any early repayment charges. This flexibility means they can save on interest charges and manage their cash flow more effectively during the renovation process.

GXS Reno Club, powered by the ecosystem

In celebration of the launch of the GXS Reno Club, GXS Bank, Grab and Singtel are rolling out a launch promotion. From 10 April 2025 to 30 June 2025, members of the GXS Reno Club will enjoy the following benefits:

• Preferential interest rate on the GXS FlexiLoan: GXS Reno Club members drawing their first GXS FlexiLoan for renovations can enjoy a 1 per cent reduction on their interest rate for the first year with a minimum loan amount of S$15,000 over a 12-month tenure. This 1 per cent interest rate reduction will take the form of cashback and will be credited monthly across 12 months.
• Enhanced savings: They can also earn an additional bonus interest of 0.8 per cent per annum for six months. The bonus interest will be credited on balances in the Main Account and Saving Pocket(s) of their GXS Savings Accounts, capped at S$20,000.
• Exclusive ecosystem deals for their homes: Homeowners can enjoy up to S$100 off on home furnishings when using Grab's PayLater or GrabPay at Harvey Norman, Prism+, and Gain City. Additionally, to unwind and relax in their newly-renovated dream homes, members will receive six months of free Amazon Prime subscription on cast.sg, Singapore's only app marketplace which offers bundle discounts for multiple app subscriptions.

For more information on the GXS Reno Club, please visit https://www.gxs.com.sg/renoclub.

About GXS

GXS Bank is a digital bank focused on making banking better for the everyday consumer and businesses.

The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.

GXS Bank holds a banking licence issued by the Monetary Authority of Singapore. It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asia's leading super app, and Singtel – Asia's leading communications technology group.

As part of a regional network of digital banks, GXS Bank also works closely with GXBank, its digital bank subsidiary in Malaysia and Superbank, a digital bank in Indonesia.

SOURCE GXS Bank