- 1 What is slice pay?
- 2 Credit card or Pay Later Card?
- 3 How to Apply for a Slicepay Card?
- 4 How to Check the Application Status?
- 5 Slice Credit Card Limit:
- 6 Slicepay Credit Card Interest Rate?
- 7 Slicepay Features:
- 8 Where Can I Use Slicepay?
- 9 Slicpay Customer Care Numbers:
What is slice pay?
SlicePay is one of the rapidly emerging fintech companies in India, which has revolutionized collateral-free lending to students in the country. It was founded by Rajan Bajaj and Deepak Malhotra in November of 2015. Based out of Bangalore SlicePay is currently operating in other 5 major cities across India that is Hyderabad, Chennai, Pune, Vellore, and Mumbai.
SlicePay was founded keeping menials as the pivotal customer of the company. It has made credit accessible to the masses with a convenient process without learning a lot of financial jargon. SlicePay has made students and millennials their core choice of customers and it provides a credit limit of up to 60000 in the above-mentioned cities.
Credit card or Pay Later Card?
Nowadays credit card has made our lives so uncomplicated and easy. You can buy things even if you have do not have money in your bank account at the moment. You are provided with a certain credit limit to your credit card, through which you can make your purchase and pay the bills later with an interest.
Pay later card:
Pay later is a user experience that has changed the marketing industry. This option has allowed consumers to buy anything they want at the moment and they can pay for this later without paying any interest.
How to Apply for a Slicepay Card?
A slice card is a Ru-Pay powered card that can be used for both offline and online transactions which are designed handy keeping the millennials in mind. It doesn’t have an annual subscription or any refrigeration fees associated.
The Slice app on your mobile phone will keep track of all your transactions under your fingertips. All you need to do is fill out a simple form on your slice app to request your Slice card. If you would have a referral code from your friend, it would help you get a differential factor through your profile analysis. After the application is filled Slice does a profile analysis of the customer to understand how to facilitate the best possible service.
To get a Slice credit card, a student has to submit certain documents which include his college ID, his address proof, and identity proof for the KYC process. Then Slice processes the data and applies certain filters to it to check the eligibility of the student. Once the KYC process is done, the customer can get the card and can activate the card through the app by the on-time-activation process.
Also Read: CRED App Review
How to Check the Application Status?
There could be two possible scenarios when your application goes through the credit analysis process. That is “approved” and “waitlisted”.
Approved status means your profile has been shortlisted by the app as it meets all the expected criteria. You can go ahead and start using the app immediately.
Waitlisted status means that your profile is still undergoing analysis and it has not met the criteria set by the app. However, that does not mean your card is not approved. It may take a couple of days for the analysis to get done and if the profile meets the criteria you will be approved for the card.
Slice Credit Card Limit:
Slice offers a credit limit of up to 60,000/- to college students. But the credit limit could vary from person to person. Slice offers a little lesser credit if you are a new member. However, the credit limit can increase if you repay the installments are paid within the time. Slice also offers a no-cost-EMI plan to its users if items are purchased from certain selected merchants through the app. As an astounding feature slice card does not have a “minimum amount due” option. So it offers a 5-day window to repay the astounding amount and if not paid within the period the amount gets converted into EMI and the repayment option is up to 12 months.
Slicepay Credit Card Interest Rate?
Slice offers an array of amazing interest plans. However, the interest rate would solely depend on the nature of the order. And all the details regarding the tenure details will be provided by the app at the end of the order processing. The interest rate is fixed and calculated consistently depending upon the borrowed amount and the tenure of the monthly payments selected by the customer.
- Slice offers a virtual card for your online transactions and a physical card for all your offline transactions.
- You can swipe them at any store and get access to amazing credit and astounding offers. You can pay your credit amount within the next month at no extra cost of interest.
- You can also opt for the option of EMI with tenures ranging from 2 months to 18 months. Customer profile plays a vital role while selecting a longer tenure EMI option. For 12 months, the interest charged on the EMI would be in the range of 12-15%. For six months, it would be in the range between 6-8% of the transaction amount. In a 12-month EMI plan for a ₹10,000 bill, APR (the annual rate charged for borrowing) could range up to ₹1,500 extra on the total amount. However, it varies according to the customer and their expenditure.
- Another great feature that slice offers is you can get emergency loans in your bank account or E-wallet.
- Slice app offers a variety of customer-friendly merchant services. Food delivery apps like Swiggy and Zomato, e-commerce giants like Amazon and Flipkart, transportation platforms like Uber and entertainment platforms like Hotstar, etc are the online vendors and customers can get exciting offers through the app.
Pros of owning a Slice card:
- Students are nowadays increasingly using the credit option to finance their living expenses and education independently.
- One of the biggest advantages of a credit card for a student is to finance his education. Anybody can opt to pay their semester tuition fees with credit and pay it later. It can support in developing good payment habits in the form of alerts and reminders from your credit card company.
- One can learn budgeting their life and gain financial responsibilities during their school life. And it can be a great financial learning to understand money from a young age. Students would understand life with financial in-dependency.
- Slice offers an array of low-interest options so one can opt for any of the convenient options without the risk of getting into debt, however, at the age of a student, the temptation of overspending could be a boon for the user.
Where Can I Use Slicepay?
Slicepay can be used in all online/offline merchants which offer credit/debit card services. However, it cannot be used at certain merchants like prepaid wallets. A slice card cannot be used to withdraw money from ATMs. Some merchants allow slice in debit option wherein some in credit option. It varies with merchants as slice holds discretion over the list of merchants it might work with.
Here are some of the common merchants where slice card won’t work on:
- Paytm wallet or payment bank
- Airtel Money
- Citrus Pay wallet
- PhonePe wallet
- Payzapp by HDFC
- Pockets by ICICI
- Buddy by SBI
- Lime by Axis Bank
Slicpay Customer Care Numbers:
In case of any emergency, do refer to the Slicepay Customer Care Number: 08047096430. Else you can reach out to our help center via the Slice website or application.