38

Software Requirements Specification (SRS) for Car Loan EMI Calculator

Introduction

Purpose:

The purpose of this document is to outline the requirements for the development of a Car Loan EMI Calculator application. This application estimates monthly EMIs for car loans, considering the principal and interest components, to assist users in planning their car loan repayments.

Scope:

The Car Loan EMI Calculator will provide users with a tool to estimate their monthly car loan repayments, facilitating informed decision-making about car loan affordability. Users will input details such as loan amount, interest rate, tenure, and any additional parameters, and the system will calculate and display the monthly EMIs.

System Overview

System Description:

The Car Loan EMI Calculator will be a web-based application accessible through a browser. It aims to provide users with a user-friendly interface to input car loan details and receive accurate EMI calculations.

System Architecture:

The application will follow a client-server architecture, with the client being the web browser and the server handling the EMI calculation logic.

Functional Requirements

Use Cases:

Estimate Car Loan EMI:

  • Users can input details such as car loan amount, interest rate, loan tenure, and any additional parameters (e.g., prepayments).
  • The system will calculate and display the monthly EMI, including principal and interest components.

Functional Requirements:

Input:

The system shall accept the following input:

  • Car Loan Amount (in INR)
  • Interest Rate (in percentage)
  • Loan Tenure (in months or years)
  • Additional Parameters (e.g., prepayments, if any)

Calculation:

  • The system shall use the standard EMI formula to calculate the monthly EMI, including principal and interest components.

Output:

  • The system shall display the calculated monthly EMI, principal component, and interest component to the user.

Non-Functional Requirements:

  • The system should provide a response time of under 2 seconds.
  • The application should be accessible on common web browsers (Chrome, Firefox, Safari).

External Interface Requirements

User Interfaces:

  • The user interface shall include input fields for car loan amount, interest rate, loan tenure, and additional parameters, along with a “Calculate” button.
  • The calculated monthly EMI, principal component, and interest component shall be displayed prominently.

Hardware Interfaces:

  • The system should be compatible with standard computing hardware.

Software Interfaces:

  • The application shall be developed using HTML, CSS, and JavaScript.
  • The server-side logic can be implemented using a backend framework (e.g., Node.js, Django).

Communication Interfaces:

  • The application will communicate with the server for the EMI calculation and display of results.

Performance Requirements

Response Time:

The system should respond within 2 seconds for a typical user input.

Throughput:

The application should handle at least 100 simultaneous users.

System Constraints

Regulatory Requirements:

The application should comply with relevant financial regulations.

Hardware Limitations:

The system should be compatible with devices with standard web-browsing capabilities.

Security Requirements

Authentication:

The application may not require user authentication as it’s a public tool.

Data Protection:

The system should not store or retain any user input data after the calculation.

Quality Attributes

Reliability:

The application should produce accurate results based on the provided input.

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 car loan scenarios and additional parameters to ensure accurate EMI calculations.

Test Case 1:

  • Inputs: Car Loan Amount = 8,00,000 INR, Interest Rate = 8%, Loan Tenure = 5 years.
  • Expected Output: Monthly EMI ≈ 16,344 INR, Principal Component ≈ 8,00,000 INR, Interest Component ≈ 2,94,640 INR

Test Case 2:

  • Inputs: Car Loan Amount = 10,00,000 INR, Interest Rate = 7.5%, Loan Tenure = 4 years.
  • Expected Output: Monthly EMI ≈ 24,308 INR, Principal Component ≈ 10,00,000 INR, Interest Component ≈ 1,00,000 INR

Test Case 3:

  • Inputs: Car Loan Amount = 6,00,000 INR, Interest Rate = 9%, Loan Tenure = 6 years.
  • Expected Output: Monthly EMI ≈ 11,616 INR, Principal Component ≈ 6,00,000 INR, Interest Component ≈ 2,10,560 INR.

Acceptance Criteria:

The application is considered successful if it produces correct monthly EMI amounts, principal components, and interest components based on the standard EMI calculation formula.

Project Timeline

Milestones:

Design, Development, Testing, Deployment.

Development Phases:

Frontend development, Backend development, Testing, Deployment.

Glossary

EMI: Equated Monthly Installment

Database Structure

Tables:

Car_Loan_EMI_Records:

  • RecordID (Primary Key, Auto-increment)
  • CarLoanAmount (Decimal)
  • InterestRate (Decimal)
  • LoanTenure (Integer)
  • AdditionalParameters (Text)
  • MonthlyEMI (Decimal)
  • PrincipalComponent (Decimal)
  • InterestComponent (Decimal)
  • CalculationDate (DateTime)

Conclusion

This extended SRS document provides a more detailed overview of the Car Loan EMI Calculator application, including the database structure and additional test cases. It should be reviewed and approved by relevant stakeholders before proceeding with the development phase.

57 comments
  1. Hi there, just became aware of your blog through Google,
    and found that it is really informative. I am going to watch out for brussels.
    I will be grateful if you continue this in future. Lots of people will be benefited
    from your writing. Cheers! Lista escape roomów

  2. I blog frequently and I seriously thank you for your content. This great article has truly peaked my interest. I’m going to bookmark your site and keep checking for new details about once per week. I subscribed to your RSS feed too.

  3. Oh my goodness! Awesome article dude! Many thanks, However I am encountering issues with your RSS. I don’t understand the reason why I am unable to join it. Is there anybody else getting similar RSS issues? Anybody who knows the solution can you kindly respond? Thanks.

  4. This is a great tip particularly to those fresh to the blogosphere. Simple but very precise info… Many thanks for sharing this one. A must read article.

  5. Hi there! I could have sworn I’ve been to your blog before but after looking at many of the articles I realized it’s new to me. Regardless, I’m definitely delighted I stumbled upon it and I’ll be bookmarking it and checking back frequently.

  6. Hello there! Do you know if they make any plugins to
    help with Search Engine Optimization? I’m trying to get my
    blog to rank for some targeted keywords but I’m not seeing very good success.
    If you know of any please share. Thank you! You can read similar blog here: Eco blankets

  7. Spot on with this write-up, I actually feel this site needs much more attention. I’ll probably be back again to read more, thanks for the advice!

  8. After checking out a few of the blog articles on your web page, I honestly appreciate your technique of blogging. I book-marked it to my bookmark webpage list and will be checking back soon. Please check out my web site as well and let me know what you think.

  9. I need to to thank you for this wonderful read!! I definitely loved every little bit of it. I’ve got you saved as a favorite to look at new stuff you post…

  10. Good post. I learn something totally new and challenging on blogs I stumbleupon every day. It will always be helpful to read through content from other writers and use a little something from their websites.

  11. Excellent site you’ve got here.. It’s difficult to find good quality writing like yours these days. I seriously appreciate individuals like you! Take care!!

  12. I really love your site.. Pleasant colors & theme. Did you develop this amazing site yourself? Please reply back as I’m attempting to create my own blog and would like to learn where you got this from or just what the theme is named. Kudos.

  13. May I simply just say what a relief to find somebody that truly knows what they’re discussing on the web. You certainly know how to bring a problem to light and make it important. A lot more people should read this and understand this side of the story. I was surprised that you’re not more popular given that you surely have the gift.

  14. Greetings! Very useful advice within this post! It’s the little changes that make the largest changes. Many thanks for sharing!

  15. Can I simply say what a comfort to uncover someone that really understands what they are discussing on the web. You actually realize how to bring a problem to light and make it important. More people must read this and understand this side of your story. I was surprised that you are not more popular given that you certainly possess the gift.

  16. Having read this I believed it was extremely enlightening. I appreciate you finding the time and energy to put this informative article together. I once again find myself spending a lot of time both reading and leaving comments. But so what, it was still worthwhile!

  17. When I initially left a comment I appear to have clicked on the -Notify me when new comments are added- checkbox and from now on each time a comment is added I recieve four emails with the same comment. There has to be a means you are able to remove me from that service? Kudos.

  18. Hi, I do believe this is an excellent web site. I stumbledupon it 😉 I’m going to come back yet again since i have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich and continue to guide other people.

  19. After I initially commented I seem to have clicked the -Notify me when new comments are added- checkbox and now every time a comment is added I get four emails with the same comment. There has to be a way you are able to remove me from that service? Thanks.

  20. You’re so awesome! I do not think I’ve read something like that before. So wonderful to discover somebody with some genuine thoughts on this subject. Seriously.. thank you for starting this up. This web site is something that is required on the internet, someone with some originality.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like
46

Software Requirements Specification (SRS) for EMI Calculator

Software Requirements Specification (SRS) for EMI Calculator Introduction Purpose: The purpose of…
38 1

Software Requirements Specification (SRS) for Home Loan EMI Calculator

Software Requirements Specification (SRS) for Home Loan EMI Calculator Introduction Purpose: The…
6

Software Requirements Specification (SRS) for Loan Tenure Calculator

Software Requirements Specification (SRS) for Loanecur Tenure Calculator Introduction Purpose: The purpose…
5

Software Requirements Specification (SRS) for Debt Snowball Calculator

Software Requirements Specification (SRS) for Debt Snowball Calculator Introduction Purpose: The purpose…