Credit line (loan)

[praful47]

I am using slice as an emergency funds.
Slice features :
We can borrow desired amount 24/7 with minimal processing fees.
If we pay within 1 month then no interest.
Otherwise it will be converted into 12 months EMI .


I am using it since 2years .
Now , I got little bit worried as my current EMI is with Quadrillian finance and vivriti capital.
Today I tried to borrow and slice is financing with new lending partner north east small finance bank .
I talked with cc they said that new account will be created and the previous account will only be closed when you permanently close slice .

I don't want to clutter my cibil with too many loan accounts .
I searched for indie credit line but found that there are many negative experience of people .

Please suggest some substitute of this kind of features.


@SSV @Vasuki @yusuf646 @doraemon
@raghu.rokda
Please help me out .

 

[SSV]

I am using slice as an emergency funds.
Slice features :
We can borrow desired amount 24/7 with minimal processing fees.
If we pay within 1 month then no interest.
Otherwise it will be converted into 12 months EMI .


I am using it since 2years .
Now , I got little bit worried as my current EMI is with Quadrillian finance and vivriti capital.
Today I tried to borrow and slice is financing with new lending partner north east small finance bank .
I talked with cc they said that new account will be created and the previous account will only be closed when you permanently close slice .

I don't want to clutter my cibil with too many loan accounts .
I searched for indie credit line but found that there are many negative experience of people .

Please suggest some substitute of this kind of features.


@SSV @Vasuki @yusuf646 @doraemon
Please help me out .

I never had any experience of any of these..
Have you considered CRED loan??

 

[praful47]

I never had any experience of any of these..
Have you considered CRED loan??

Can you elaborate about cred loan

 

[praful47]

I never had any experience of any of these..
Have you considered CRED loan??

Also if you know some people who have experience with loan like stuffs please tag here.

 

[SSV]

Can you elaborate about cred loan

It is actually called " CRED Cash" ... Do some research.. this may work for you..
Login to your CRed and find out how much offer you got ..

 

[praful47]

It is actually called " CRED Cash" ... Do some research.. this may work for you..
Login to your CRed and find out how much offer you got ..

View attachment 57286

Thank you ....

 

[rrsji]

I used to use UNI for it. It was good but i have stopped now because it was just credit debit for my account as i never used it

 

[aparnahm]

It is actually called " CRED Cash" ... Do some research.. this may work for you..
Login to your CRed and find out how much offer you got ..

View attachment 57286

I too have a similar offer but never took it. In fact, there is a new offer which gives 500rs CB if I avail 10k loan and return it within 1 month. Icing on the cake is that there is no interest. There is of course processing fee, which will be offset by the CB and I still make a profit without investment.

 

[praful47]

I used to use UNI for it. It was good but i have stopped now because it was just credit debit for my account as i never used it

Is it similar to slice ? Or have different features?

 

[pinki]

Is it similar to slice ? Or have different features?

How much processing fees were u paying n for how much amt?

 

[praful47]

How much processing fees were u paying n for how much amt?

For 2k it was ₹80

 

[praful47]

For 2k it was ₹80

On some special days like independence day it offered 1% onnany amount upto 40k

 

[yusuf646]

For 2k it was ₹80

It's still higher right? You can consider wallet loading to Slice from one of your credit card.

Slice only charges 2.05% for loading money via credit card & if you have Amazon Pay ICICI credit card then you'll get 1% cashback so the effective charges will be only around 1%.

Or if you really need loan then I'll suggest Navi or CRED Cash.

 

[praful47]

It's still higher right? You can consider wallet loading to Slice from one of your credit card.

Slice only charges 2.05% for loading money via credit card & if you have Amazon Pay ICICI credit card then you'll get 1% cashback so the effective charges will be only around 1%.

Or if you really need loan then I'll suggest Navi or CRED Cash.

I understand, charges would be low .
But If I fail to pay within a month then ?
That's what I like about the slice , we can clear dues anytime , within a month , two three upto 12 months .

But , if they will keep creating new accounts in the CIBIL with different lending partners ... Don't you think it will hamper my credit profile ?

 

[praful47]

I understand, charges would be low .
But If I fail to pay within a month then ?
That's what I like about the slice , we can clear dues anytime , within a month , two three upto 12 months .

But , if they will keep creating new accounts in the CIBIL with different lending partners ... Don't you think it will hamper my credit profile ?

If they would not create new account , then it's best for me ...
Similar , features I am searching but only with one lending partner .

Like credit line alloted 50 k .
I borrowed 5k this month and returned after 2 -3 months then interest would be charged for only on those 3 months. Then again borrowed 15k and returned in 6 months .
So , this kind of features I am searching.

 

[yusuf646]

I understand, charges would be low .
But If I fail to pay within a month then ?
That's what I like about the slice , we can clear dues anytime , within a month , two three upto 12 months .

But , if they will keep creating new accounts in the CIBIL with different lending partners ... Don't you think it will hamper my credit profile ?

If you are unable to pay the total due, here are your options:

1. Convert to EMI: You can convert your transaction to EMI for your desired tenure.

2. Card Turnover: You can pay one credit card's due using another credit card through a wallet load. This way, you'll get an extra month for a small wallet loading fee. You can even do this with a single credit card if you have the required limit available.

3. Last Option: If you don't want either of the above options, you can simply pay the minimum due on your credit card. I don't recommend this method because credit cards charge up to 42% annual interest on your remaining dues.