Retrieving loan estimations

Description

This web service returns estimates of payment schedules, based on the information provided, such as loan amount, term and or rate of interest. You must specify either the interest rate or the monthly payment, and the other value is calculated along with the total payment amount.

The loan product ID identifies the lending product from which the calculation methods must be applied to arrive at the loan estimations. For example, the accrual base method, or billing method.

Definition

GET https://<domain>/services/apexrest/peer/v1/accounts/getLoanEstimations?loanProductId=a4U41000000GvM0EAK&amount=8000&interestRate=9&term=12

Parameters

The table given below provides details of the request parameters used by this web service:

Fields	String	Description
amount*	Decimal	This is used to denote the loan amount.
term*	Number	This is used to denote the term of the loan.
interestRate*¹	Decimal	This is used to denote interest rate of the loan.
maxMonthly*¹	Decimal	This is used to denote the maximum monthly payment of the loan.
accrualBaseCode	String	Accrual base method, for calculating the daily interest accrued. For example, Month and Days or Actual Days.
disbursalDate	Date	The date on which the borrower expects the loan to be disbursed.
firstPaymentDate	Date	The expected first repayment date for the loan.
interestOnlyPeriod	Number	Interest only period, if any, that is required on the loan.
paymentFrequencyCode	String	The payment frequency. This is the frequency at which the borrower repays the loan. Loan term may be in Months for example, while payment frequency can be Quarterly.
balloonPayment	Decimal	Balloon payment amount, if borrower wants to make a balloon payment at the end of the loan. In such case, payment schedule is generated for the balance amount to be paid in the preceding terms and balloon payment is collected in the last payment.
loanProductId	String	ID of the loan product, as defined in the Loan_Product_Id_Field_c in the loanAPI_Configuration_c custom settings. If the value of "Loan_Product_Id_Field_c" is set to Null, the string input is assumed to be a Salesforce ID. The API retrieves the calculation parameters as specified in the lending product, if not provided through any of the above inputs. For example, the time calculation method, billing method, and so on.

*¹ : At least one of them should be provided.

Error messages

When you post a web service, you can receive the possible error messages as shown in the table below:

Error Code	Error Message	System.Label	Reason	HTTP Status Code
INVALID_INPUT	Unable to parse the Request parameters	UNABLE_PARSE_REQ_PARAMS	You will receive this error if the error occurs while parsing request parameters.	400
API_EXCEPTION	<exception_message>	NA	You will receive this error if any validation fails or any unexpected error occurs during the processing of the request, the system will raise the exception.	500

Sample request

Inputs for the API Call

LoanProductID
Amount
Interest Rate
Term

The sample request for the call to be sent is as shown below:

GET https://na11.salesforce.com/services/apexrest/peer/v1/accounts/getLoanEstimations?loanProductId=a4U41000000GvM0EAK&amount=8000&interestRate=9&term=12

Sample response

Note:

Sample response generated for FinCalc Version :3.0

Total payment amount, maximum monthly payment, interest rate, and EMI's are provided in the custom response. The sample response that you will receive is as shown below:

	{
  "status": "SUCCESS",
  "rowNumber": -1,
  "response": [
    {
      "totalInterest": 395.34,
      "totalAmount": 8395.339802299803351599951667441949277772,
      "monthlyPayment": 699.611650191650279299995972286829106481,
      "interestRate": 9,
      "emi": [
        {
          "principal": 639.611650191650279299995972286829106481,
          "PaymentNo": 1,
          "interest": 60,
          "dueDateString": null,
          "dueDate": "2015-07-02",
          "balance": 7360.388349808349720700004027713170893519,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 644.411650191650279299995972286829106481,
          "PaymentNo": 2,
          "interest": 55.2,
          "dueDateString": null,
          "dueDate": "2015-08-02",
          "balance": 6715.976699616699441400008055426341787038,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 649.241650191650279299995972286829106481,
          "PaymentNo": 3,
          "interest": 50.37,
          "dueDateString": null,
          "dueDate": "2015-09-02",
          "balance": 6066.735049425049162100012083139512680557,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 654.111650191650279299995972286829106481,
          "PaymentNo": 4,
          "interest": 45.5,
          "dueDateString": null,
          "dueDate": "2015-10-02",
          "balance": 5412.623399233398882800016110852683574076,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 659.021650191650279299995972286829106481,
          "PaymentNo": 5,
          "interest": 40.59,
          "dueDateString": null,
          "dueDate": "2015-11-02",
          "balance": 4753.601749041748603500020138565854467595,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 663.961650191650279299995972286829106481,
          "PaymentNo": 6,
          "interest": 35.65,
          "dueDateString": null,
          "dueDate": "2015-12-02",
          "balance": 4089.640098850098324200024166279025361114,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 668.941650191650279299995972286829106481,
          "PaymentNo": 7,
          "interest": 30.67,
          "dueDateString": null,
          "dueDate": "2016-01-02",
          "balance": 3420.698448658448044900028193992196254633,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 673.951650191650279299995972286829106481,
          "PaymentNo": 8,
          "interest": 25.66,
          "dueDateString": null,
          "dueDate": "2016-02-02",
          "balance": 2746.746798466797765600032221705367148152,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 679.011650191650279299995972286829106481,
          "PaymentNo": 9,
          "interest": 20.6,
          "dueDateString": null,
          "dueDate": "2016-03-02",
          "balance": 2067.735148275147486300036249418538041671,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 684.101650191650279299995972286829106481,
          "PaymentNo": 10,
          "interest": 15.51,
          "dueDateString": null,
          "dueDate": "2016-04-02",
          "balance": 1383.63349808349720700004027713170893519,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 689.231650191650279299995972286829106481,
          "PaymentNo": 11,
          "interest": 10.38,
          "dueDateString": null,
          "dueDate": "2016-05-02",
          "balance": 694.401847891846927700044304844879828709,
          "amount": 699.611650191650279299995972286829106481
        },
        {
          "principal": 694.401650191650279299995972286829106481,
          "PaymentNo": 12,
          "interest": 5.21,
          "dueDateString": null,
          "dueDate": "2016-06-02",
          "balance": 0.000197700196648400048332558050722228,
          "amount": 699.611650191650279299995972286829106481
        }
      ]
    }
  ],
  "errorNumber": 0,
  "errorMessage": null,
  "errorCode": "NO_ERROR",
  "content": []
}