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LoanCalculator

Action: POST

Endpoint: /api/CoreCredit/AccountManagement/LoanCalculator

This API is to calculate the equal payment amount and total principal with given Loan amount and Loan term. It will also return the payment due and payment dates.

Request fields details
Fields Description

Source

string

Mandatory

Source of API Consumer For external system expected sources will be WEB.

Allowable Values:

50

IPAddress

string

Optional

IP Address of Client / Application Hosting Server Example: 10.206.0.204

Allowable Values:

15

DateFormat

string

Optional

Place Holder for Future Use. Values are: 1 : MM/dd/yyyy HH:MM:SS (Default) 2 : MM/dd/yy HH:MM:SS 3 : dd/MM/yyyy HH:MM:SS

Allowable Values:

25

CurrencyCode

string

Optional

Currency Code Place Holder for Future Use. Valid Values: Refer Appendix Section - Currency Code Example:840 = US Dollar Condition:If no value is passed, default value = 840

Allowable Values:

10

CurrencySymbolType

string

Optional

Place Holder for Future Use. CurrencySymbolType: 1: Currency Sign like $ 2: 3 ALPHA Currency Code like USD

Allowable Values:

10

Language

string

Optional

Place Holder for Future Use. Language: en: means use English Default: en - English

Allowable Values:

10

ExternalIP

string

Mandatory

IP Address of end user of API

Allowable Values:

50

SessionID

string

Optional

Session identifier of the API Example: 000028;026;1349906692

Allowable Values:

100

APIVersion

string

Mandatory

Version of the API to be invoked. Example: 2.0 API Version Current Version 2.0

Allowable Values:

10

CallerID

string

Optional

Caller ID of source from where API is initiated it is End User Caller ID Example: 7204454214 (phone number applicable in Case of IVR)

Allowable Values:

20

CalledID

string

Optional

Called ID of destination for which API is initiated It is Destination Called ID Example: 7314145404 (phone number applicable in Case of IVR)

Allowable Values:

20

RequestTime

datetime

Optional

Request Date Time of API Format: MM/dd/yyyy HH:mm:ss Example:01/15/2020 10:05:23

LoanAmount

decimal

Optional

The principal amount borrowed. It does not include interest. Valid Values: 0-9 Example: 2000.00

LoanInterestRate

decimal

Optional

The nominal interest rate. This the quoted interest rate for the loan. Valid Values: 0-9 Example: 10.00

LoanTerm

integer

Optional

Time period of Loan. Should be provided in months. If it is for 1year, Loan Term should be 12. Valid Values: 0-9 Example: 12

InterestAccrualMethod

integer

Optional

How often payments should be scheduled, monthly/ daily. Valid Values: 1- Daily , 2- Monthly, Default value will be Monthly Refer Appendix for its explanation Example: 1

LoanCalculationMethod

integer

Optional

Different method of Loan calculation. Valid Values: 1- BestPayment, 2- PMTformula , Default will be PMTFormula Example: 1

InterestOnInterest

integer

Optional

Interest that is earned when interest payments are reinvested. Valid Values: 0 -Yes, 1- No, Default will be No Example: 1

LastCycleInterest

integer

Optional

Interest of Last cycle need to be taken care as Bill Balance, Valid Values: 1 - BillBalance, 2 - WaiveInterest, 3 - AdditionalTerm, Default value will be Additional Term. Example: 3

LoanDate

DateTime

Optional

Start date of your Loan. Default value will be current date. Format: MM/DD/YYYY Example: 01/01/2020

PaymentDueDay

integer

Optional

Day on which first payment is due Valid Values: 1,2..30 Example: 10

StatementDate

datetime

Optional

Statement Date or billing cycle date. Default value will be end of the month. Format: MM/DD/YYYY Example: 01/01/2020

Sample request body
{
  "Source": "Web",
  "IPAddress": "10.120.0.0",
  "DateFormat": null,
  "CurrencyCode": null,
  "CurrencySymbolType": null,
  "Language": null,
  "ExternalIP": "10.120.0.0",
  "SessionID": null,
  "APIVersion": "2.0",
  "CallerID": null,
  "CalledID": null,
  "RequestTime": null,
  "LoanAmount": 20000.0,
  "LoanInterestRate": 5.0,
  "LoanTerm": 12,
  "InterestAccrualMethod": 2,
  "LoanCalculationMethod": 2,
  "InterestOnInterest": 1,
  "LastCycleInterest": null,
  "LoanDate": "01/31/2020 00:00:00",
  "PaymentDueDay": 20,
  "StatementDate": "03/31/2020 00:00:00"
}
Response fields details
Fields Description

Sample response body

{
  "Message": "Return Successfully",
  "Status": true,
  "ErrorCode": "ERR01093",
  "ResponseData": {
    "TotalInterestDue": 549.39,
    "LoanAmount": 20000.0,
    "NumberOfPayments": 13,
    "EqualPaymentAmount": 1712.15,
    "LoanDate": "01/19/2017",
    "LoanTerm": 12,
    "PaymentSchedule": [
      {
        "PaymentNumber": 1,
        "StatementDate": "01/31/2017",
        "LoanPaymentDueDate": "02/25/2017",
        "LoanInterestPayment": 35.62,
        "PrincipalPayment": 1676.53,
        "RemainingLoanAmount": 18287.85
      }
    ]
  }
}