Billing cycle and Bill generation
“Billing Cycle” extends from 1st of a month to last day of the month. At the end of the Billing Cycle, all the transactions done on slice card during the Billing Cycle will sum to the “Billed Amount”. A bill is generated on the total Billed Amount.
Slicing Bill - Convert the Billed Amount into an affordable monthly payment plan
You will have time from 2nd to 5th of the next month to choose an EMI plan for the total billed amount for the current month.You can choose to pay the full amount in one go as well.
If you do not make this selection by 5th, then the Billed Amount is automatically converted (which can not be changed later on) into a monthly payment plan with a tenure. This auto-selection tenure will be communicated to you by email and SMS in advance. The first repayment will be due on the following 5th.
Below is an example of better illustration,
Billing Cycle: January 1st to January 31st
Transactions on Card: As per below,
Bill Generation Date: February 2nd
Billed Amount: Rs. 5000 (Sum of all transactions during the Billing Cycle)
The time period to choose the EMI plan for repayment: 2nd February to 5th February
Slicing Bill: You will be able to choose a payment plan of your choice (as per your eligibility, you can choose between 1, 2, 3, 6, 9, 12, 15 and 18 months) and your monthly payment amount will be shown to you at the time of this selection. Your first repayment will be due on 5th February.
First Repayment Date: 5th of February.