Credit Card Calculator for

Slice

Introduction to Slice Credit Card EMI Calculator

Slice cardholders can use the credit card to spend on lifestyle, food, travel, and other needs. You can use Slice credit cards and repay the amount within a specified time. Failure to repay the outstanding balance within the specified time can result in a penalty – late fees.

The total Slice credit card outstanding amount can also be converted into equated monthly installments (EMIs) for settlement without any penalty.

The Slice Credit Card EMI Calculator assists borrowers in ascertaining their EMI, resulting in better financial management.

What is a Slice Credit Card EMI Calculator?

The Slice Credit Card EMI Calculator is an online tool which calculates the EMI to be paid for hassle-free settlement of the due amount. It helps simplify difficult calculations to determine the monthly financial commitment required to repay the credit card dues. It also helps the borrower to compare different amounts, interest rates, and tenures to obtain the best deal.

How to Use the Slice Credit Card EMI Calculator?

Follow these steps to use the Slice Credit Card EMI Calculator:

1. Go to the ‘Slice Credit Card EMI calculator’ section.
2. Enter the amount.
3. Choose the repayment tenure.
4. Select the interest rate applicable to your credit card.

Your EMI will be calculated and displayed on the screen.

Factors Affecting Slice Credit Card EMI

• Outstanding Amount: Higher outstanding amounts and interest rates will result in larger EMIs.
• Interest Rate: Higher interest rates will result in larger EMIs.
• Repayment Tenure: A longer repayment tenure will spread out payments, lowering EMIs but increasing the total interest paid.

Benefits of Using a Slice Credit Card EMI Calculator

• Allows borrowers to manage their monthly budget by displaying the precise EMI amount required.
• The Slice credit card EMI calculator enables users to measure different offers by modifying amounts, interest rates, and repayment terms, allowing them to make more informed financial decisions.
• It performs quick calculations and generates an accurate amortisation schedule, saving time and effort.
• It also shows how extra payments or prepayments affect the repayment tenure and total interest paid.

Slice Credit Card Interest Rates and Tenure

Interest Rate

The Slice credit card has an annual interest rate of 42% for bank transfers and 36% for online or POS spending.

Repayment Period

The Slice credit card lets you settle outstanding balances over a maximum period of 12 months.

Penal Interest

If you miss a payment, you will be charged 36.5% annualised interest on the outstanding EMI amount. The first overdue day will result in a one-time penalty fee of ₹500 or 30% of the EMI payable– whichever is lower.

Understanding Slice Credit Card EMI and Its Components

In a Slice credit card EMI, the total payment is split into two components:

• Interest Component: Calculates the cost of borrowing based on the outstanding due balance. It is on the higher side in the beginning as the major chunk of the EMI goes into covering the interest cost for the larger outstanding balance. As the outstanding due drops with repayment, it lowers the interest cost and its contribution to EMI.
• Balance Portion: This is the part of the EMI that repays the original due amount. Early on, its contribution to the EMI is lower. As the interest cost drops with each settlement, the outstanding balance’s composition in the EMI increases.

Step-by-Step Guide to Calculate Slice Credit Card EMI

The EMI for each type of loan is calculated using this formula:

EMI = P x R x (1+R)^n / {(1+R)^n – 1}

where:

• P – Total transaction amount or outstanding credit card balance converted into EMIs.
• R – The interest rate applied to the credit card.
• n – Repayment tenure in months.

Common Mistakes to Avoid While Using Slice Credit Card EMI Calculators

• Enter the correct outstanding amount, interest rate, and tenure. Any mistakes in the information you enter can lead to incorrect computations.
• Consider the additional charges or fees levied by the card issuer on EMI conversion of credit card dues.
• Compare different tenures and credit card balance amounts to reach an EMI that won’t be a financial burden as per your monthly budget.

Conclusion

A Slice Credit Card EMI Calculator is a useful online tool to understand monthly payments, compare offers, and plan finances effectively. It’s advisable to use a credit card EMI calculator before finalising whether converting your credit card repayments into EMIs will be financially feasible or not.