Digital Banking: Hong Kong’s WeLab Bank Launches Tesla Exclusive Loan with 0% APR

WeLab Bank, which claims to be the most innovative bank in Hong Kong, launched the Exclusive Limited-time Offer: Tesla-dedicated Loan with 0% APR “for selected Tesla owners and staff from selected organizations across Hong Kong.”

Eligible customers will also “enjoy bonus offer including free supercharging1, 1.5% p.a. savings interest rate3, and HKD 300 seed money for our digital wealth advisory solution GoWealth4; total rebate value up to HKD 7,800^.”

The offer is “the latest joint-effort between the Bank and Tesla after announcing the strategic partnership last December.”

From now until 16 February, “upon successfully obtaining a WeLab Bank Personal Loan with referral code ‘TWFREE’, selected Tesla owners or staff of selected organizations (refer to table) can enjoy a fixed APR of 0% to purchase the Tesla Model 3 and Model Y.”

For loans with tenor of 36 months or below, customers will also “be entitled to the exclusive free supercharging for six months1! Simply spend with WeLab Debit Card for Tesla Supercharging, Tesla online shop or Premium Connectivity subscription to earn up to HKD 3,0001 cash rebate.”

The total rebate value is “equivalent to free supercharging for 1,800 km mileage.”

All customers who successfully “apply for and draw down a loan using the “TWFREE” code, for all tenors, can enjoy 1.5% p.a. savings interest rate3 for their first HKD 300,000 saving deposits in their Core Account for up to 12 months.”

On top of that, customers are “entitled to seed money of HKD 300, empowering them to experience the digital wealth advisory solution backed by WeLab Bank’s fintech experience and AllianzGI’s investment management expertise.”

Customers can “set their financial goals, and then GoWealth will lead the way on autopilot.”

WeLab Bank Chief Executive Tat Lee said:

“Since forging the strategic partnership, WeLab bank and Tesla have been actively combining our services and ecosystems to create extra value for customers. The launch of the 0% APR Tesla Exclusive Loan during a rate hike cycle is a perfect example to demonstrate the synergy the strategic partnership brings, which can disrupt market norms and bring actual customer benefits. Going forward, we will work closely with Tesla to deliver intelligent banking services that cater to users’ everyday needs in driving and banking, create a first-class user experience, and encourage customers to support green economy and sustainable development with practical incentives.”

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