How to Delete SlicePay Account Permanently?

RBI has recently tightened rules on NBFCs and Buy Now Pay Later (BNPL) service providers such as SlicePay, Simpl, LazyPay, Amazon Pay Later, OlaMoney Postpaid+, Paytm Postpaid, Flipkart Pay Later, Jupiter Money, and others. The reason being higher credit limits, decrease in CIBIL score of users, loose verification processes (KYC, income details, etc), consumer complaints, and higher interest rates among other things. Thus, if you are looking to delete your SlicePay account permanently then this article is for you.

One of the reason why people are looking to permanently close their Slice account is their updated T&Cs which say the following.

Each time the Customer utilizes 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.

What this means is that every transaction will count as loan. In simple terms, if you do 30 transactions in a month means you have 30 loans against you in a month which may not be suitable for your CIBIL score and other financial reports. As today people do small online transactions frequently, this rule is an important one to consider.

Now, let's move on to the steps you can follow to permanently close your SlicePay account. If you don't wanna delete your account and stay inactive then that too is fine as it does not harm your credit records.

You can contact the Slice Customer Care team to permanently close your SlicePay account via email and phone. You can also do it via chat option provided on the Slice Contact Us page under 'Support' at the bottom.  

If the above way fails then you can contact Slice's Financial Partners which include Quadrillion Finance Private Limited, DMI Finance Private Limited, Northern Arc Capital Limited, and Vivriti Capital Private Limited. You can do this by call, email, or 'grievance redressal' available on Slice Financial Partners page. Make sure you go to the relevant NBFC which is mentioned in your loan statement.

If none of the above works then the only way out is RBI Ombudsman. You can Reach out to the RBI Ombudsman and file a complaint. Simply register, give complaint details, and submit. After this you will get a tracking ID for checking the status of your complaint. You will then get an email notification once there is a reply from RBI.

Make sure that your Slice Pay Later account is permanently closed instead of Deactivated or Temporarily Paused status by following the checklist below.

• Clear your pending dues.

• Check for NOC from your lending provider which says that your Slice Pay Later account is closed with all dues paid. It usually comes in 2-3 weeks of your account closure request.

• After closure, your CIBIL score will go down a bit, but will be back in sometime.

• Your CIBIL report may show SlicePay active as it might take 2-3 months to reflect closure.

Slice is a money lending digital platform powered by various NBFCs. It claims to have 12M+ users. It has its own UPI in Slice Super UPI. There is also the Slice Super Card which gives upto 2% Instant Cashback on every transaction. 

Slice gives credit lines of upto ₹10 Lakhs with no joining and annual fees. The best part about it is Slice Spark which gives new Deals & Offers every week on Hotstar, Swiggy, Netflix, Dunzo, Myntra, Amazon, Starbucks, and many more. The company claims that Slice is accepted at 99.95% merchants across the country that accept Visa. 

Some of the important coverage you can check:

• Have You Read Slice New Terms & Conditions?
  
• Red Flags in Postpe and Slice usage as per T&C
• Slice Card messes up your Credit Score! Here's How ?

Thus, getting your Slice account deleted might take some time, but its better to react now. However, these stricter RBI norms will improve the BNPL services in the future! Are you a Slice or any other BNPL service user? Please do share your views below.