Commonwealth Bank of Australia (CBA) has announced a partnership with Tesla to provide financing options for customers looking to purchase electric vehicles (EVs). Through this collaboration, Tesla customers can directly apply for personal loans from CBA’s website, with an interest rate of 5.49% per annum.
To qualify for the low interest rate, customers must meet certain criteria and utilize their vehicle as security. This offer extends to both electric and hybrid vehicles that meet the specified requirements. CBA aims to promote sustainable purchases by offering affordable financing options to its customers.
As Australia’s largest lender, CBA has already financed personal loans valued at over A$50 million ($32.3 million) for the purchase of sustainable products since October 2022. This partnership with Tesla further aligns with the bank’s commitment to supporting environmentally friendly initiatives.
In recent news, CBA recorded a record-breaking annual profit due to rising interest rates. The collaboration with Tesla is another move by the bank to cater to the growing demand for electric vehicles in Australia.
