Hi everyone! 😄
I was just casually going through the Slice app when I observed something very disturbing 😕
I see that the MITC (Most Important Terms & Conditions) has been silently updated and they have introduced a new "Supporting Documents" section transaction status so I undertook a ₹1 test transaction to demonstrate this.
The "Supporting Documents" section is visible only for transactions done from July 2022 onwards
As per the new terms, "Each time the Customer utilises the slice card for undertaking a transaction, the relevant Financing Partner will sanction and disburse the loan, which will be used for loading the Customer's slice card to undertake the said transaction"
Now this means that each transaction will generate a new loan just like what Dhani/MobiKwik Zip used to do (open a new loan account every time someone did a transaction) which destroys the CIBIL completely.
Will Slice do the same? 😮😮
Secondly there is a new "Supporting Documents" section under each transaction.
When you click on this, you'll see 2 options :-
For the test transaction of ₹1 which I did to demonstrate, a new Loan agreement & sanction letter has been generated.
I have personally confirmed that each transaction is generating a unique and new sanction as well as a loan letter 😬
Most importantly there is an 18 months EMI schedule (with interest) which we are agreeing to by doing these transactions!
Has anyone observed these things is it safe to continue using the app basis the current updated terms and policies?
Do share your views! 🙏🏻🙏🏻
As per the latest e-mail received from Slice CEO, this will reportedly have no effect on the CIBIL score or number of accounts being reported 
2
does this apply for Ola Money Postpaid +? that is also loan from IDFC.
dont think so
in my cibil report, i see below unknown loans:
NDXP (Not sure what it is. May be Uni card)
KARUR VYSYA ( In think this amazon paylater. I requested for closing 1yr ago. Showing as closed)
CAPFLOAT (In think this is also amazon paylater. I requested for closing 1yr ago. showing as closed)
PAYUFINAN (thinking this might be lazypay)
I have Simpl account as well but its not yet reported to CIBIL.
I dont have Slice card but my wife has. She has only 2 credit cards thats it. As mentioned in the thread, i dont see any unknown loan entries in her CIBIL (got updated few mins ago) apart from those credit cards.
Someone please make a list of all such apps/services!!!
a lot of apps confusing a lot!!!
Got a clarification call from slice team.
According to them, they will not report each and every transaction as a separate loan account,
They'll issue a new loan for every card swipe but at the time of reporting they'll use the same loan account.
Someone help, should I deactivate Simpl? Does that require/affect cibil?
As per the latest e-mail received from Slice CEO, this will reportedly have no effect on the CIBIL score or number of accounts being reported
We can take the matter up with Mr. Bajaj if they make any adverse changes as he has promised the same in the e-mail with his name below 😝😂
They got scared so much 😂
