Since slice doesn't get a real-time update when a customer cancels their order with the merchant, we wait for the cancellation confirmation from merchants. Usually, merchants send confirmation within 7 days, but it varies for different merchants. slice will refund the cancelled transaction within 2 working days after receiving the confirmation.
The bill is Converted into EMIs automatically on the 6th of every month with a default tenure, different for different users. It might be possible that cancellation confirmation is received after the bill is converted into EMIs for that period.
In this case, the refund amount corresponding to cancelled order/transaction will be reflected as ‘slice cash’ in your slice account and can be used to make future repayments.