Congrats, you are in the right place. Your browser is currently blocking notification. After getting approved, you will get the access whole new world of freedom which you have always deserved. It also brings no-cost EMI for high ticket purchases on ecommerce websites such as Amazon, Pepperfry, Myntra and other, where the interest rate ranges from 10-15% depending on the tenure. “Traditional credit card players and digital payment platforms can be considered our competitors. Your outstanding debt is more compared to your per month income/pocket money. to enable digital loans for both its customers and merchants. India’s first pay-later card with your Credit Limit pre-loaded in it, Freedom to pay later with flexible repayment plans, Exclusive access to our contests and offers. 1 lakh (depends on our credit … Out of which, 60% transactions are conducted at offline or retail merchants and the rest are online. You have opened too many accounts in the past 8-12 months OR You have applied at too many lending platforms in the past 3 months. And it’s also partnering with startups and small businesses whose employees fit into its target audience. Being an early mover gives us an edge over the others.”. This has led to the growth of multiple lending startups in the country including LendingKart, Between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn with a total deal count of 478. For example, students or independent creators and freelancers may not have a regular flow of income to justify being customers for lending companies. Further, the company is now hoping to touch 2 Mn customers in the next two years along with expanding to 24 cities in the next two years, many of which will be in Tier 2 and 3 cities. Congrats, you are in the right place. Kerala-Based Livve Bags $1.5 Mn In Seed Round To Transform Tenant-Owner Relation... Gaming Policy And Monetisation: The Growth Shackles For Esports In India, India’s Product Leaders On The People Factor And Building Great Product Teams, Mukesh Ambani Pitches For New Regulation On Data Protection, Govt Partners Swiggy To Take Street Vendors Online, Nitin Gupta’s Fintech Startup Uni Raises $18.5 Mn In Seed Round. Out of the total funding, 50.13% or $3.82 Bn was in payments tech startups, followed by 25.49% ($1.94 Bn) in, In addition to this, other tech companies have expressed interest in entering the lending space. 4000, up to Rs. However, slice does not charge a processing fee or interest on EMIs for up to six months for customers on Amazon, Flipkart, MakeMyTrip, Yatra and other partners. When you apply for a credit limit raise, lenders follow several criteria to determine your ideal credit limit. How do I make the payment? At the same time, we are very early in terms of the overall market potential and some very large companies will potentially emerge in the next few years in the payment space. Just watch the entire video, follow the same steps and upload some simple documents. Just watch the entire video, follow the same steps and upload some simple documents. I am not receiving OTP, what should I do? I am not able to log in the app. On the other hand, ride hailing major Ola and ecommerce platform Flipkart were reported to be co-launching credit cards, in partnership with major Indian banks. As per DataLabs by Inc42, the credit demand in India is projected to be worth $1.41 Tn by 2022. Customers can also avail short-term cash loans for emergencies. When you apply for a credit limit raise, lenders follow several criteria to determine your ideal credit limit. In 2018, SlicePay raised funding in a Series A round led by China-based FinUp Finance Technology Group. Even so, a large section of the population is still left out of the credit market, simply because they don’t have enough data or bad credit history. If you are wondering how to apply for the slice credit, we have prepared a video for you to explain the entire process. Some would contend that loans have a higher degree of repayment failures than credit cards, which can be self-managed. How can I get a credit limit? In July, Digital payments unicorn Paytm partnered with NBFC Clix Finance to enable digital loans for both its customers and merchants. If you are wondering how to apply for the slice credit, we have prepared a video for you to explain the entire process. With 300K users on the company’s waitlist, slice claims to be growing at a rate of 15-20% per month, and reported revenue of INR 9 Cr in the last fiscal. This means India’s lending market is now seeing innovative lending models that are making credit easier to access for digitally-savvy young customers, who have thus far been left out of the market. !function(e,i,n,s){var t="InfogramEmbeds",d=e.getElementsByTagName("script")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement("script");o.async=1,o.id=n,o.src="https://e.infogram.com/js/dist/embed-loader-min.js",d.parentNode.insertBefore(o,d)}}(document,0,"infogram-async"); Founded in 2016 by Bajaj, slice claims to be serving 200K active customers today, who make an average of 8-10 slice card transactions in a month. In addition to this, other tech companies have expressed interest in entering the lending space. Your email address will not be published. Matching those criteria decides the extent of your credit limit. We are already seeing some signs of it,” Bajaj told Inc42. In order to acquire new users, slice uses customised distribution channels for different types of users. The slice card has a minimum credit limit of INR 4K and goes up to INR 60K for students or INR 1 Lakh for working professionals and freelancers. According to Bajaj, the majority of its customers are from metro cities, however, they have plans to further expand its reach in Tier 2 and Tier 3 cities soon. On the other hand, ride hailing major Ola and ecommerce platform Flipkart were reported to be co-launching credit cards, in partnership with major Indian banks. Based on the application form, the company’s underwriting algorithms analyse factors such as applicant’s Facebook or Linkedin account, bank SMS history, accommodation (rented, PG, hostel or staying with parents), and monthly house rent, among other data points. I have lost my slice registered phone and don’t have a new number currently, Can I login to my account? The average age of our customer is 21 years. For college students, it focussed on building a campus manager community in each college to be evangelists. “Products like credit cards are a great financial tool but are too complicated to use for youngsters. Recent delinquencies reported to credit bureaus. The Moratorium Conundrum: Digital Lenders Suffer Pandemic Blues. “We stand out by sharply focusing on creditworthy youngsters who are going to be the prime future. The estimated growth rate in credit demand is 3.73% between FY17 and FY22. Between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn with a total deal count of 478. At the same time, we are very early in terms of the overall market potential and some very large companies will potentially emerge in the next few years in the payment space. But Will It Be A Happy... Inc42 Shots | Netflix Releases Bad Boy Billionaires, Episode On Ramali... Inc42 Shots | Amazon Prime Brings In Show Preview Feature To India. You have delayed the repayment at your current lender platform or at other lenders in the past 12 months. According to founder Rajan Bajaj, India’s young generation drives major consumption across products and internet services such as OTT platforms, food delivery etc these days. “Our addressable market size is 60 Mn youngsters, gig workers, freelancers, small business owners, startup employees, and graduate students, who are not using financial products like credit cards because either they don’t understand them or they don’t have easy access.”. In July, Digital payments unicorn. Don’t worry it’s pretty simple and won’t take more than two minutes. The estimated growth rate in credit demand is 3.73% between FY17 and FY22. Commenting on the company’s underwriting process, Bajaj said slice uses statistical models and machine learning to assess thousands of parameters and puts them into a selection model based on the company’s past patterns. The Dream Of Full-Stack B2B Digital Lending And The Myriad Challenges. Partnering with RuPay, the slice card enables payments across 5 Mn merchants in India, both online and offline. Out of the total funding, 50.13% or $3.82 Bn was in payments tech startups, followed by 25.49% ($1.94 Bn) in lending tech startups, according to Datalabs by Inc42. A higher credit limit gives you more purchasing power but at the same time, it increases your debts also, if you are not spending responsibly. slice’s payment cards are tailored for the needs of students and young professionals between the ages of 18 and 29 years. Was this article helpful? For salaried professionals, slice uses digital marketing campaigns to reach the audience. round led by China-based FinUp Finance Technology Group. This has led to the growth of multiple lending startups in the country including LendingKart, PerkFinance, Aye Finance, ETMONEY, LazyPay, and Shubh Loans, among others. Your email address will not be published. One of the fastest growing sectors in fintech, lending is estimated to touch $1 Tn mark in the next five years. “Traditional credit card players and digital payment platforms can be considered our competitors. Talking about the company’s marketing split, Bajaj said that 60% of slice’s customers come through referral basis which is word of mouth, while there’s an equal split of the rest between customers that are signed by agents and merchant and those who come on board through digital marketing. They are already driving majority of the consumption decisions in their homes. The fintech sector has immensely benefited from the successful adoption of Aadhaar-based KYC, UPI and other eKYC.
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