*Based on market research conducted on 18th August 2022 regarding online application and offer details for Tesla loan promotion.
^We reserve the right to request customers to provide additional supporting documents for the loan application. The actual time for loan approval and the loan disbursement may vary depending on the information provided by the customer and are subject to the credit assessment result. Any loan application is subject assessment against normal lending criteria.
#Saving here refers to saving deposit in the WeLab Bank Core Account.
(1) Assume customers have successfully drawn down a loan amount of HKD300,000 or above with repayment tenor of 36 months and joined “Special Interest Rate to the Core Account Offer” with deposited amount of HKD 500,000 for 3 months, the Annualised Percentage Rate (‘APR’) will be 3.88% (inclusive of the HKD 3,000 savings cash rebate from “Special Interest Rate to the Core Account Offer”) or 4.55% (excluding the HKD 3,000 savings cash rebate from “Special Interest Rate to the Core Account Offer.) The above cash rebate amount is for reference only. The actual cash rebate will be rounded to the nearest cent. The Annual flat rate is rounded up to the nearest 2 decimal places. The APR is calculated according to the guidelines issued in respect of the Code of Banking Practice and rounded to the nearest 2 decimal places and may vary for individual customers. The APR is a reference rate, which includes all applicable interest rates, fees and charges of the product, expressed as an annualised rate. Customers should refer to their loan confirmation letters for the relevant information and such information shall prevail. The APR only applicable to designated loan amount and tenor and for reference only. The final approved interest will be subjected to the bank’s approval.
(2) During the promotion period, starting from the date on which you have drawn down the loan and the subsequent 11 calendar months, your Core Account deposit (daily balance up to HKD500,000) are entitled to the savings cash rebate. The amount of the rebate is calculated on the basis of simple interest and based on the special interest rate (your prevailing Core Account interest rate and the special interest rate amount to 3.00% in total).
(3) During promotion period, new customers who have successfully opened a bank account at WeLab bank or successfully applied for WeLab Bank Personal Loan with Referral code “TESLA5” will be entitled to a 10% cash rebate using your WeLab Debit Card for eligible transactions conducted from the date of successful account opening or the date of successful loan drawdown until the following 2th calendar month. Monthly capped at HKD100.
(4) During the Campaign Period, Eligible Customer can enjoy HKD800 Referral Reward (“Referral Reward”) if you have successfully referred your Referee to apply for WeLab Bank Personal Instalment Loan and drawdown the loan within 7 days after approval. Each Eligible Customer can enjoy a maximum of HKD8,000 cash reward (i.e. 10 successful referrals at maximum) over the Campaign Period under this Campaign.
(5) During promotion period, new customers who have successfully opened a bank account at WeLab bank or successfully applied for WeLab Bank Personal Loan with Referral code “TESLA5” and successfully open an investment account, the Fund Platform Fee collected during the promotion period (from 2 July 2024 to 31 December 2024, both dates inclusive) will be credited to your WeLab Bank Core Account in the form of cash rebate on or before the 17th working day of each month.
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This webpage is for information only and does not constitute any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services. The investment products or services mentioned in this webpage are not equivalent to, nor should it be treated as a substitute for, time deposit.
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The monies, Hong Kong dollar and/or foreign currency, held in your Applicable Account qualify for protection under the Deposit Protection Scheme Ordinance (Chapter 581 of the Laws of Hong Kong) up to a total limit of Hong Kong $500,000.
Welab Bank Limited is a member of the Deposit Protection Scheme in Hong Kong. Eligible deposits taken by this Bank are protected by the Scheme up to a limit of HK$500,000 per depositor.
