CommBank is helping customers budget for larger expenses, becoming the first major bank to offer interest-free finance with select merchants for purchases up to $30,000, so they can split the cost into instalments over one to five years.
Solar and battery provider UPowr will be the first merchant to offer CommBank’s InstalPay product as a way to pay for its systems, which can help customers save on energy bills.
UPowr is a new energy tech approved seller that makes it easy for customers to choose and install battery and solar solutions via a digital platform. UPowr is partnered with Energy Australia and Gentrack, and is currently delivering a major project for the NSW Treasury’s Office of Energy and Climate Change, being the rebate swap for solar programme.
Marcos Meneguzzo, executive general manager, consumer finance, CommBank said InstalPay allows CommBank customers to make more choices about purchases that are important to them, by spreading these costs over a longer period of time.
Re-disseminated by The Asian Banker