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Software Requirements Specification (SRS) for Business Loan EMI Calculator

Introduction

Purpose:

The purpose of this document is to define the requirements for the development of a Business Loan EMI Calculator. This web-based application aims to assist users in estimating monthly EMIs for business loans, considering both principal and interest components.

Scope:

The Business Loan EMI Calculator will provide users with an interface to input loan details and calculate monthly EMIs. The application will support various business loan types, providing flexibility for different repayment scenarios.

System Overview

System Description:

The system will be a client-server application. Users will access the Business Loan EMI Calculator through a web browser. The server will handle the logic for EMI calculations.

System Architecture:

The application will follow a three-tier architecture: presentation layer (client-side browser), application layer (server-side processing), and data layer (storage and retrieval of data).

Functional Requirements

Use Cases:

Estimate Business Loan EMIs:

  • Users can input loan details, including loan amount, interest rate, and loan term.
  • The system will calculate and display the monthly EMI, considering both principal and interest components.
  • Users can visualize the impact of changes in interest rates or loan terms on EMI.

 Functional Requirements:

Input:

The system shall allow users to enter the following loan details:

  • Loan Amount (in INR)
  • Interest Rate (in percentage)
  • Loan Term (in months or years)

Calculation:

  • The system shall calculate the monthly EMI based on the provided loan details and interest rate.

Output:

  • The system shall display the calculated monthly EMI to the user.

External Interface Requirements

 User Interfaces:

  • The user interface shall consist of input fields for loan amount, interest rate, and loan term, along with a “Calculate” button.
  • The calculated monthly EMI shall be displayed prominently.

Hardware Interfaces:

  • The system should be compatible with standard computing hardware.

Software Interfaces:Conclusion

  • The application will be developed using HTML, CSS, and JavaScript for the frontend.
  • The backend can be implemented using a server-side framework (e.g., Node.js, Django) with a database for data storage.

Communication Interfaces:

  • The application will communicate with the server for EMI calculations.

Performance Requirements

Response Time:

The system should provide a response time of under 3 seconds for a typical user input.

Throughput:

The application should handle at least 50 simultaneous users.

System Constraints

Regulatory Requirements:

The application should comply with relevant financial regulations

 Hardware Limitations:

The system should be compatible with devices supporting standard web browsers.

Security Requirements

Authentication:

User authentication may be implemented to ensure data security.

Data Protection:

User data, if stored, should be securely protected.

Quality Attributes

 Reliability:

The application should provide accurate monthly EMI calculations based on the entered loan details.

Maintainability:

The code should be well-documented for ease of maintenance.

Usability:

The user interface should be intuitive, requiring minimal guidance.

Testing Requirements

 Test Cases:

Test cases should cover various scenarios with different loan amounts, interest rates, and loan terms to ensure accurate monthly EMI calculations.

Test Case 1:

  • Inputs: Loan Amount = 1,00,000 INR, Interest Rate = 10%, Loan Term = 12 months.
  • Expected Output: Monthly EMI ≈ 8,791 INR

Test Case 2:

  • Inputs: Loan Amount = 5,00,000 INR, Interest Rate = 8%, Loan Term = 24 months.
  • Expected Output: Monthly EMI ≈ 23,319 INR

Test Case 3:

  • Inputs: Loan Amount = 2,00,000 INR, Interest Rate = 12%, Loan Term = 18 months.
  • Expected Output: Monthly EMI ≈ 13,821 INR

Acceptance Criteria:

The application is considered successful if it produces correct monthly EMI amounts based on the provided loan details.

Project Timeline

Milestones:

Design, Development, Testing, Deployment.

Development Phases:

Frontend development, Backend development, Testing, Deployment.

Glossary

None

Database Structure

 Tables:

Business_Loan_EMI_Records:

  • RecordID (Primary Key, Auto-increment)
  • LoanAmount (Decimal)
  • InterestRate (Decimal)
  • LoanTerm (Integer)
  • MonthlyEMI (Decimal)
  • CalculationDate (DateTime)

Conclusion

This SRS document outlines the requirements for the Business Loan EMI Calculator. It serves as a guide for the development team and ensures that the application meets the specified criteria. Review and approval by relevant stakeholders are essential before proceeding with the development phase.

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