GXBank, Malaysia’s first digital bank, has announced its upcoming financial product – GX FlexiCredit. This is a credit line facility that’s aimed at providing Malaysians with easy access to credit and it is now open for registration of interest.
According to GXBank, the new product is designed to address the evolving financial needs of the everyday Malaysian. A traditional personal loan can be a headache to apply as it may require lengthy processing times, complex documentation and rigid payment terms, and it is something that GXBank aims to solve with GX FlexiCredit.
Access funds without complications of personal loan
GXBank says it wants to make banking accessible, seamless and frictionless, and it hopes to adopt the same approach in helping Malaysians to have access to funds instantly, conveniently and with affordable interest rates when they need it in the form of a line of credit.
Essentially, GX FlexiCredit provides customers with an assigned credit limit and they can draw funds instantly into their Savings Account when required. The approval process is said to take just minutes and there are no early settlement fees if you repay your loan early.
How to register for GX FlexiCredit?
GX FlexiCredit isn’t available just yet and they will soon kick off a pilot for selected GXBank customers. If you’re an existing GXBank user, you can opt-in by going to the GXBank app, tap on the ‘Me’ tab, tap on ‘Manage consents’ and then enabling ‘Future credit product offers’ as shown below.
If you’re not with GXBank yet, you can sign up for a new account by downloading the app which is available on Google Play Store and the Apple App Store. During the signup process, just make sure you opt-in for ‘Future credit product offers’.
GXBank says they will offer GX FlexiCredit to a select group of eligible customers based on certain criteria. Once your application is approved, you will see an in-app banner notification and you can follow the guide on the next steps.
Who is eligible for GX FlexiCredit?
GX FlexiCredit is available to GXBank customers with an active GX Savings Account. It is offered only to Malaysian citizens with a Mykad aged 21 and 64 years old, with a minimum monthly income of RM1,500.
The GX FlexiCredit offer is subject to GXBank’s credit assessment which is not limited to bankruptcy, Fraud, Bureau or any other forms for check checks. The digital bank will reveal more details about the product and features soon.
In less than a year, GXBank has acquired over 750,000 customers. As of 31st July 2024, the digital bank has recorded over 13 million transactions which include over 9 million GX card transactions and over 4 million QR payments. They are still offering unlimited 1% cashback and ATM withdrawal fee waivers for both local and overseas.
