Malaysian digital bank GXBank has officially launched its GX FlexiCredit offering to all Malaysians after a successful pilot phase.

The product, designed as a flexible line of credit, allows customers to access funds within their approved limit, offering a convenient financial solution for unexpected expenses or planned purchases.

FlexiCredit provides instant access to funds, with a quick application process that reportedly takes five minutes.

Approved customers can receive a credit limit of up to RM150,000, with disbursements processed in seconds.

The product offers flexible repayment terms of up to 60 months, with no early settlement or processing fees.

Interest rates start from 3.88% per annum (EIR 6.62% p.a.), subject to eligibility. Late charges of 1% apply on overdue amounts.

To qualify, applicants must be Malaysian citizens aged 21 to 64 with a minimum annual income of RM18,000.

Salaried individuals are required to submit two years’ EPF statements with consecutive contributions for the past six months.

Meanwhile, self-employed applicants must provide six months’ business bank statements downloaded from their bank’s official portal.

Existing GXBank users can apply through the bank’s mobile app, while new users need to create a savings account before accessing the credit product.

Once approved, customers can withdraw funds at any time via the app, with repayments structured to fit their financial needs.

To draw down funds, users must first activate their approved credit limit, then select ‘Drawdown’ on their FlexiCredit dashboard, input the amount and tenure, and confirm their monthly repayment date.

FlexiCredit also allows multiple drawdowns within the available credit limit.

As repayments are made, the credit limit replenishes, enabling customers to access funds again without additional applications.

More details on eligibility, repayment terms, and fees are available on the GXBank app.

Featured image credit: Edited from Freepik