{"id":35480,"date":"2025-04-10T05:34:00","date_gmt":"2025-04-10T05:34:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4661926_AE61926_0"},"modified":"2025-04-10T05:34:00","modified_gmt":"2025-04-10T05:34:00","slug":"gxs-bank-launches-the-gxs-reno-club-to-make-home-renovations-more-affordable-for-consumers","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=35480","title":{"rendered":"GXS Bank launches the GXS Reno Club to make home renovations more affordable for consumers"},"content":{"rendered":"

SINGAPORE<\/span><\/span>, April 10, 2025<\/span><\/span> \/PRNewswire\/ — GXS Bank today announced that it has launched the GXS Reno Club in its bid to revolutionise home renovation financing for consumers.<\/p>\n

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<\/span> 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]<\/sup>, the market is ripe for a solution that eases the financial burden of home renovations.<\/p>\n

Each month, the first 1000 consumers who take up a GXS FlexiLoan instalment loan with a minimum amount of S$15,000<\/span> 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”.<\/p>\n

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.<\/p>\n

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<\/span>. 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.<\/p>\n

On creating a programme focused specifically on home renovation, Ms Jenn Ong<\/span>, Head of Retail, GXS Bank<\/b> 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<\/span> to more than S$80,000<\/span> for an HDB flat in 2025[2]<\/sup>. 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.”<\/p>\n

GXS FlexiLoan, built for the renovation process <\/b><\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

GXS Reno Club, powered by the ecosystem <\/b><\/p>\n

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<\/span> to 30 June 2025<\/span>, members of the GXS Reno Club will enjoy the following benefits:<\/p>\n