We are constantly working on making things simpler for our users, be it making payments using SlicePay or the repayments or the App itself.
This time around we have simplified the way late payment fee is calculated. Starting this month, we are changing the way late fee adds up.
The late charges (penalty) including GST are:-
|Outstanding Balance (Total amount borrowed)||Fixed late penalty charges (After 3 days from due date i.e. 9th of the month)|| Variable late penalty charges (After due date i.e. 6th of the month)
|₹250+||₹20 per day (upto a maximum of ₹2000)||Interest charges on remaining borrowed amount as on the day of repayment.|
The bill will be generated on 1st of every month as usual which is to paid by 5th of the same month.