Unlike other credit cards, the SlicePay card does not have a “minimum amount due” option. If you don’t repay within the billing cycle, you’re given a window up to five days to pay up. On the fifth day, your bill will automatically get converted into an EMI. You can choose any repayment duration of up to 12 months.
In this way, How much interest does SlicePay charge?
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.
Hereof, Is CashBean legal?
CashBean is merely a facilitator providing the Platform for any person in need of financial products. … CashBean is not a Financial Institution under the Companies Act, 2013 or the Banking Regulation Act, 1949 or any other laws for the time being in force in India.
Consequently Is 550 a good cibil score? A high CIBIL score of 750 or more makes you an ideal candidate for any type of loan. Conversely, a personal loan for a CIBIL score of 550 or less may lead to rejection or a higher interest rate as you may be considered a ‘high-risk’ borrower, depending on the lender’s policy.
In this regard, Can I go to jail for not paying a personal loan?
Loan defaulter will not go to jail: Defaulting on loan is a civil dispute. Criminal charges cannot be put on a person for loan default. It means, police just cannot make arrests. Hence, a genuine person, unable to payback the EMI’s, must not become hopeless.
Does Slicepay affect credit score?
Being unreliable with payments is a red flag to financial institutions, and several things can occur when you pay late. You’ll usually be charged a late fee. Your interest rates may increase. One late repayment can reduce your credit score by 60 – 110 points.
20 Related Questions and Answers
What is the interest rate on a slice?
Customers can also avail short-term cash loans for emergencies. It also brings no-cost EMI for high ticket purchases on ecommerce websites such as Amazon, Pepperfry, Myntra and other, where the interest rate ranges from 10-15% depending on the tenure.
Is Slicepay only for students?
Slicepay is populaly known for college students. It is a site which provides credit card for the students studying in pune chennai banglore vellore hyderabad and mumbai only.
Is CashBean giving loan now?
Driven by P C Financial Services Private Limited, an RBI registered NBFC, CashBean offers a personal loan through smartphone within 10 minutes with minimal documentation. Personal loan amount from Rs. 1,000 to Rs. 60,000 can be availed with 33% annualized interest rate.
Is CashBean genuine?
The threats include official-looking — but fake — letters, or harassing relatives. CashBean, one popular loan app operated by China-owned Opera, acknowledged to Business Insider that it was investigating or had terminated employees who had violated its policies, including sending fake notices.
Does CashBean affect cibil?
Does Cashbean affect the CIBIL score? Cashbean loans do not take your credit history into account and hence your CIBIL™ Score will not be affected when you apply for a loan with them.
Does Bajaj Finserv check CIBIL?
Yes, Bajaj Finserv checks the CIBIL score of personal loan applicants. … A credit score of 750 and above is considered ideal for obtaining a personal loan.
Can a defaulter get loan?
It is a common myth that CIBIL maintains a defaulter list but it is not true. However, it is not easy for defaulters to get a personal loan as you have either defaulted payments and have unpaid dues. There are still some lenders that offer loan to such individuals.
Is 600 a good CIBIL score?
The minimum CIBIL score for a personal loan is usually considered to be between 720 and 750. … A credit score below 600 is considered inadequate for personal loans in most cases.
How long is jail for personal loan?
If any person is deemed to have committed offence under this particular section the person can be punished with an imprisonment of up to two years along with a fine which can be twice the amount of the cheque.
How long are you in jail for not paying a loan?
A loan default can be considered as a crime under Section 420 of the Indian Penal Code (IPC). The Bank can file a case against you for cheating if you intentionally refuse to pay back the loan amount and are considered as a wilful defaulter. period of 7 years.
What happens if online loan is not paid?
When you fail to pay your EMI on the online loan, the lender will send you an intimation about the amount due to be paid. You can then repay the loan with a penalty as prescribed by the lender. … Failing to pay continuously for more than 6 months will make the lender to write off your account.
What happens if I deactivate my slice account?
Upon account closure, we will cancel any pending transactions unless otherwise legally prohibited. If You owe any payment to Slice or the Financing Partner, Slice will not close Your account until that payment has been made, but we may limit Your ability to make additional transactions using Your account.
How can I increase my cibil score quickly?
How to Improve Your CIBIL Score Quickly?
- Repay Credit Card Dues on Time. …
- Limit Credit Utilization. …
- New Credit Cards. …
- Keep a Check on Your Credit Report. …
- Opt For Different Types of Credit. …
- Increase your Credit Limits. …
- Keep Old Debt on Your Report. …
- Never Give a Hint of Risk.
Does slice card have interest?
Slice offers a completely zero-fee card with no hidden charges or annual fees. It also offers users the ability to split their bills and make payments in a duration of up to three months with no interest.
How do I repay my slice?
You will need to make the payments on or before the 5th of every month in the repayments section of slice app. You can use any bank’s debit card, internet banking or UPI mode to make the repayment.
How can I increase my slice limit?
Currently, you can transact up to ₹2 lakhs at a time with no restrictions on the daily transaction limit. So, in order to increase your spending limit, all you need to do is focus on enhancing your credit limit. Getting a credit limit enhancement is simple as long as you repay your dues on time.
