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

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September 20, 2023 1:47 AM EDT

FILE PHOTO: Visitors stand outside barriers surrounding Tesla's new Model 3 sedan displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo/File Photo

(Reuters) - Commonwealth Bank of Australia on Wednesday said 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 ($32.3 million) for purchase of sustainable products since Oct. 2022, according to the statement.

Last month, it posted record annual profit as rising interest rates helped it charge customers more.

($1 = 1.5504 Australian dollars)

(Reporting by Aishwarya Nair in Bengaluru; Editing by Varun H K)


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