Slicepay – Loan/Borrow Money App for Students

Slicepay is a loan app for the student which works as Buy Now Pay Later service. I’ve been using this app for almost 4 years now and my experience with it is Awesome…!!! It saves me in Emergencies and charges a very low amount of fees.

About

It is a Fintech startup that mainly focuses on young Indian students. It is a less time consuming and transparent platform for students who need money in emergencies or for entertainment and any other reasons. Today more than 2 million students are using it. Slice (formerly known as SlicePay) a company that operates a digital credit platform. Its product’s target audience is students and graduates. The company gives its clients access to products and services, allowing them to pay over time. It was founded in 2016 and established in cities Bangalore, Chennai, Pune, Vellore, Hyderabad, Delhi and Mumbai.

How To Use

  1. You can download Slicepay through Google Play or an App Store.
  2. After downloading you need to register with your mobile no.
  3. After registering you need to fill in the details, upload few documents like College ID, Adhaar Card ( Used as an Identity Proof in India ). And they’ll ask you for a video or an image in a specific pose.
  4. After reviewing your application they approve on basis of your documents.
  5. You can then transfer money to your Bank or PayTM account Or you can just use a digital VISA Slice Card to make online purchases.

Slicepay Money

There 3 ways to use Slicepay money…

  1. You can transfer money to your bank account using IMPS or UPI.
  2. You can transfer money to your PayTM account.
  3. You can use No Cost EMI to purchase something online from only selected brands ( including Amazon, Flipkart, etc. )

The borrow limit is from 10 Thousand to 10 Lakh

Transfer to your Bank

Advantage:

This is the best way to use the money to transfer to your Bank. Because you can do anything with that money without any restrictions.

Disadvantage:

You can only transfer 20-30% of your allowed money to your bank. Other than that you can only make an online purchases.

Taxes:

Slicepay charges you 7-15% of your money depending on the length of your EMI option.

Transfer to your PayTM

Advantage:

The transferred money goes into your PayTM wallet thus you can make any purchases or any transactions that PayTM allows.

Disadvantage:

You can only transfer 20-30% of your allowed money to your bank. Other than that you can only make an online purchases.

Taxes:

Slicepay charges you 7-15% of your money depending on the length of your EMI option.

No Cost EMI

Advantage:

This is the best option if wanna buy something online using a digital VISA Card. This EMI does not charge you for taxes. So you can pay only the money you borrowed and not an extra penny.

Disadvantage:

While you no need to pay extra money you have to buy products from only selected brands.

Taxes:

There are no taxes for No Cost EMI.

Slicepay Card

Slicepay provides you physical Slicepay VISA Card which you can carry anywhere and make payment to any merchants. The Slicepay VISA Card works everywhere in India.

Note: You can not use Slicepay Card to withdraw money from ATM.

Deals

There is a new feature in the Slice that is Spark which you can activate to make a purchase and in return, you get 50 Rs. Cashback. Also, the Top Offers gives you 20-40% off on your favourite brands. It works with over 100 Brands. New offers are updated daily.

Rewards

Monies are the latest feature of Slicepay which gives Monies for spending money. Now you may be thinking what is Monie. Monie is Slicepay currency which can be converted in Rupees. When you spend 1 Rupee on Slicepay you get 1 Monie. And 1000 Monie can be converted into 10 Rs.

Advatages and Use

When you shouldn’t always borrow money. You can always use Slicepay in emergencies. So even if you’re not using it you can keep it for emergencies.

You can use it to increase your Credit Score which decides your capacity of repaying the debt. Which can be very useful for future Loans. Here’s how you do it…

You pay your rent or bills with Slicepay and then when the 5th of the month comes you pay the rents money to Slicepay. Not that it makes much difference but hey your Credit Score is improving in the background.

My Credit Score is 836/900. What’s yours? Tell me in the comments…

Warning: While some people may think it’s a bad thing because some students may use it for fun without repaying debts and then their debts will pile up making it more difficult to repay.

Repaying the debt

While saying it is a debt than borrowed one is kind of rude but the fact is it is actually a loan so you need to pay it back at any cost. And on time.

You pay the debt or EMI’s every 5th of the month. The EMI can be divided up to 3-12 months or maybe more depends on the amount and your decision.

That’s all about Slicepay till now it may add new features in the future and we will love to know about them.

We learned that Slicepay is a Loan Or Money Borrowing App, Very useful if used correctly, It can save you in emergency money needs.

And yes the most important thing.

Refer and Earn

You get 500 Rs. when you refer a friend and your friend makes his first transaction.

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