Australia's CBA, Tesla team up to support EV purchases

SYDNEY: Commonwealth Bank of Australia said today it has partnered with Tesla to allow the automaker's customers to avail financing for electric vehicle (EV) purchases.

Under the agreement, customers will be able to apply for personal loans through the bank directly from Tesla's website, CBA said, adding that the loans carry an interest rate of 5.49% per annum.

The lender said the low interest rate will be available to customers who choose to finance purchases including electric and hybrid vehicles that meet certain criteria and use their vehicle as security.

CBA, Australia's biggest lender, said it aims to accelerate sustainable purchases by providing affordable financing.

The bank has financed personal loans worth over A$50 million (RM152mil) for purchase of sustainable products since October 2022, according to the statement.