One-time charge for activation
You will be charged a one-time fee of Rs. 50 (limited time offer of Rs.30) at the time of card activation which will be added to your current bill.
Billing cycle and Bill generation
“Billing Cycle” extends from 16th of a month to 15th of the following month. At the end of the Billing Cycle, all the transactions done on SlicePay 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 until 25th to choose an EMI plan for the total billed amount.
If you do not make this selection by 25th, 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 for better illustration,
Billing Cycle: January 16th to February 15th
Transactions on Card: As per below,
Bill Generation Date: February 16th
Billed Amount: Rs. 5000 (Sum of all transactions during the Billing Cycle)
Time period to choose the EMI plan for repayment: 16th February to 25th 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 March.
First Repayment Date: 5th March
You can view the detailed terms here to know how interest is calculated.