WeLab Bank Launches Limited-time Tesla Exclusive Loan with 0% APR Free Supercharging for 6 Months and Bonus Offers Valued up to HKD 7,800
11 May 2023
WeLab Bank (or the “Bank”), 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 mileage2!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.The key features of Exclusive Limited-time Offer: Tesla-dedicated Loan with 0% APR* are as follow: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.”For more details about WeLab Bank Exclusive Limited-time Offer: Tesla-dedicated Loan with 0%, please refer to WeLab Bank official website.To borrow or not to borrow? Borrow only if you can repay!Disclaimers: The above information is for reference 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 are not equivalent to, nor should it be treated as a substitute for, time deposit. Investment involves risks, the value of investment products may go up or down and the investment products may even become valueless. The contents above have not been reviewed by the Securities and Futures Commission.Remark:*The annualized percentage rate (“APR”) of the Loan is fixed at 0%. Assuming the loan amount is HKD400,000 with a tenor of 36 months, the APR will be 0.00%. 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. Customers should refer to their loan confirmation letters for the relevant information and such information shall prevail. The APR is only applicable to designated loan amount and for reference only. The final approved interest rate will be subject to customer’s credit assessment and the Bank’s approval.^Up to HKD 7,800 is the total maximum reward that you can get from “Exclusive to selected customers - WeLab Bank X Tesla Mega Combo Offer”. Terms and conditions apply. Please visit Terms and Conditions for more details.1During promotion period, WeLab Bank customers who have applied for WeLab Bank Personal Loan with "TWFREE" referral code, upon confirmation by Tesla Motors HK Limited, will be entitled to a 100% cash rebate using your WeLab Debit Card for eligible transactions conducted from the date of successful loan drawdown until the following 5th calendar month. Monthly capped at HKD500. The total rebate is capped at HKD3,000. You can only enjoy the promotion if the loan tenor is 36 months or below. The promotion is subject to a quota and is available on a first-come, first-served basis. Please visit Terms and Conditions for more details.2Based on the information from Tesla Motors HK Limited official website on 9th January 2023. Assume Tesla model is Model 3, charging fee is HKD 3.6 / 1KW, full charge requires 250KW and range is 547KM, HKD 3,000 rebate can be transferred to 1,823 KM miles. Numbers are for reference only, the actual miles being transferred may vary. It depends on the charging fee, car model, battery condition and usage.3During 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 HKD300,000) 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 1.5% in total). The promotion is subject to a quota and is available on a first-come, first-served basis. Please visit Terms and Conditions for more details4During the promotion period, WeLab Bank customers who have applied for WeLab Bank Personal Loan with "TWFREE" referral code, and successfully open an investment account and invest HKD 1,000 during the promotion period to enjoy Seed Money of HKD 300. The promotion is subject to a quota and is available on a first-come, first-served basis. Please visit Terms and Conditions for more details.#Saving here refers to saving deposit in the WeLab Bank Core Account.---- END ---- About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”) is the most innovative company named by the Chinese University of Hong Kong. Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. It focuses on the powerful mobile app and multiple intelligent banking services, and delivers an innovative banking experience through partnering with reputable brands including Allianz Global Investors, Tesla and Apple Authorized Resellers.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading pan-Asian fintech platform. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 55 million individual users and over 700 enterprise customers. In Hong Kong, one in 4.3 tech-savvy young adults is a WeLab user, reflecting WeLab being the preferred fintech partner in the market.WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit www.welab.bank and www.welab.co. Follow WeLab Bank on Instagram: welab.bank.