RCBC powers the drive toward sustainability as Tesla’s preferred financing provider in the Philippines

Yuchengco-led Rizal Commercial Banking Corporation (RCBC) proudly announces its role as one of Tesla's preferred financing providers. With Tesla’s highly anticipated launch in the country, RCBC offers an all-digital auto loan application process that enables Filipino drivers to easily finance the cutting-edge Model 3 and Model Y in various trims, supporting Tesla’s vision of sustainable mobility.

RCBC is introducing a fully digital auto loan process designed for Tesla customers. This enables a seamless online loan application process with approval turnaround as fast as one day. Customers can apply through RCBC’s website to explore various financing options and receive real-time estimates of monthly payments based on their chosen Tesla model, loan term, and down payment. In the upcoming weeks, customers can access the RCBC Tesla Auto Loan microsite, tailor-designed for a seamless experience with any Tesla purchase. 

"As a preferred financing provider of Tesla, RCBC is committed to making sustainable choices more accessible by integrating a digital-first approach in EV financing," said RCBC Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva. "This collaboration represents our mission to promote environmental responsibility through innovative financing solutions."

RCBC’s financing package for Tesla includes competitive rates and flexible terms ranging from 12 to 60 months. This allows customers to tailor their payment plans to suit their preferences and needs.

“We are excited to participate in this sustainability initiative that drives environmental change. Our new digital loan platform will simplify and accelerate EV financing, offering customers a modern and convenient way to own a Tesla and reduce their carbon footprint,” RCBC Head of Consumer Lending Group, Atty. Ramil De Villa added.

RCBC executives and officers joined Tesla’s launch event last November 8, 2024 and visited the Tesla Experience Center at Retail 25 Uptown Parade in Bonifacio Global City, Taguig, Metro Manila, to celebrate the global brand’s entry into the market and the shared commitment to sustainability and innovation. With the collaboration with Tesla, RCBC will be able to help the Filipino community to switch to a green and sustainable future. Follow the official Tesla PH X account (@teslaphp) and Instagram (@teslamotorsph) for the latest updates. 

RCBC recorded a 39% rise in its auto loan portfolio, which stood at PhP 57 billion as of September 2024. This was on the back of the 85% increase in new auto loans as of year-to-date September.