Overview
Nira Finance:
Nira offers personal loans aimed primarily at salaried individuals. It provides fast approvals and flexible repayment options, with loans ranging from ₹5,000 to ₹1 lakh. The entire process is digital, making it a convenient option for those in need of quick, unsecured loans.
Slice:
Slice functions as a credit line platform, designed for both salaried individuals and students. It allows users to make purchases with flexible EMI options and offers rewards on payments. Slice also provides a higher credit limit (up to ₹10 lakhs), focusing on lifestyle purchases and online shopping.
Comparison Table
| Feature | Nira | Slice |
|---|---|---|
| Loan Type | Personal Loan | Credit Line/EMI Purchases |
| Target Audience | Salaried professionals | Salaried individuals and students |
| Loan/Credit Limit | ₹5,000 – ₹1 lakh | ₹10,000 – ₹10 lakhs |
| Interest Rate | Varies (based on profile) | 2-3% per month on EMI purchases |
| Repayment Terms | 3-12 months | Flexible EMIs on purchases |
| Collateral Requirement | None | None |
| Approval Time | Instant (within minutes) | Instant (in-app approval) |
| Unique Feature | Unsecured personal loans for salaried | Cashback and rewards for purchases |
| App Usability | Simple, loan-specific app | App tailored to lifestyle purchases |
| Support | In-app support, helpdesk | In-app support |
Key Takeaways
When to choose Nira:
Opt for Nira if you need a fast personal loan with flexible terms, and you’re a salaried professional looking for unsecured credit to cover emergencies or one-time expenses.
When to choose Slice:
Slice is ideal if you are a student or salaried worker looking for a revolving credit line to make purchases, especially with benefits like flexible EMIs and rewards on spending.
