38 1

Software Requirements Specification (SRS) for Home Loan EMI Calculator

Introduction

Purpose:

The purpose of this document is to outline the requirements for the development of a Home Loan EMI Calculator application. This application computes monthly home loan EMIs, including principal and interest components, aiding users in planning their home loan repayments.

Scope:

The Home Loan EMI Calculator will provide users with a tool to estimate their monthly loan repayments, helping them make informed decisions about home loan affordability. Users will input details such as loan amount, interest rate, tenure, and the system will calculate and display the monthly EMIs.

System Overview

System Description:

The Home Loan EMI Calculator will be a web-based application accessible through a browser. It aims to provide users with a straightforward interface to input home 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:

Compute Home Loan EMI:

  • Users can input details such as loan amount, interest rate, 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:

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

Test Case 1:

  • Inputs: Loan Amount = 20,00,000 INR, Interest Rate = 8%, Loan Tenure = 15 years.
  • Expected Output: Monthly EMI ≈ 18,456 INR, Principal Component ≈ 15,000 INR, Interest Component ≈ 3,456 INR

Test Case 2:

  • Inputs: Loan Amount = 30,00,000 INR, Interest Rate = 7.5%, Loan Tenure = 20 years.
  • Expected Output: Monthly EMI ≈ 24,775 INR, Principal Component ≈ 20,000 INR, Interest Component ≈ 4,775 INR

Test Case 3:

  • Inputs: Loan Amount = 15,00,000 INR, Interest Rate = 9%, Loan Tenure = 10 years.
  • Expected Output: Monthly EMI ≈ 19,334 INR, Principal Component ≈ 12,000 INR, Interest Component ≈ 7,334 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:

Home_Loan_EMI_Records:

  • RecordID (Primary Key, Auto-increment)
  • LoanAmount (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 Home 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.

43 comments
  1. Hello 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’ll appreciate if you continue this in future.
    Many people will be benefited from your writing. Cheers!

    Lista escape roomów

  2. You made some really good points there. I looked on the net for more info about the issue and found most people will go along with your views on this website.

  3. This is the right site for anybody who really wants to understand this topic. You realize a whole lot its almost hard to argue with you (not that I personally will need to…HaHa). You definitely put a new spin on a topic that has been discussed for decades. Excellent stuff, just wonderful.

  4. Having read this I believed it was rather enlightening. I appreciate you finding the time and effort 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.

  5. This is a great tip particularly to those new to the blogosphere. Brief but very accurate info… Appreciate your sharing this one. A must read post.

  6. A motivating discussion is definitely worth comment. There’s no doubt that that you need to publish more about this subject matter, it may not be a taboo matter but typically people do not discuss these subjects. To the next! All the best!

  7. A fascinating discussion is worth comment. I think that you should write more on this topic, it may not be a taboo matter but usually people do not talk about such issues. To the next! Cheers.

  8. Hi there! This blog post could not be written any better! Reading through this post reminds me of my previous roommate! He continually kept preaching about this. I most certainly will forward this information to him. Fairly certain he’s going to have a good read. Many thanks for sharing!

  9. Next time I read a blog, I hope that it doesn’t fail me as much as this one. I mean, Yes, it was my choice to read, however I really thought you would have something helpful to say. All I hear is a bunch of crying about something that you can fix if you were not too busy searching for attention.

  10. I blog quite often and I truly appreciate your information. This great article has really peaked my interest. I am going to bookmark your blog and keep checking for new details about once a week. I subscribed to your RSS feed too.

  11. I’m amazed, I have to admit. Rarely do I encounter a blog that’s both equally educative and interesting, and without a doubt, you’ve hit the nail on the head. The problem is an issue that not enough people are speaking intelligently about. I’m very happy that I came across this in my hunt for something concerning this.

  12. Oh my goodness! Impressive article dude! Thanks, However I am having difficulties with your RSS. I don’t understand the reason why I can’t subscribe to it. Is there anyone else having similar RSS issues? Anyone that knows the answer can you kindly respond? Thanks.

  13. I’m pretty pleased to find this site. I wanted to thank you for ones time for this particularly wonderful read!! I definitely enjoyed every bit of it and I have you bookmarked to check out new things on your web site.

  14. An outstanding share! I have just forwarded this onto a colleague who has been conducting a little homework on this. And he in fact ordered me dinner due to the fact that I stumbled upon it for him… lol. So let me reword this…. Thank YOU for the meal!! But yeah, thanx for spending the time to talk about this matter here on your site.

  15. I need to to thank you for this great read!! I absolutely loved every little bit of it. I’ve got you bookmarked to check out new stuff you post…

  16. Oh my goodness! Incredible article dude! Many thanks, However I am going through issues with your RSS. I don’t know the reason why I am unable to subscribe to it. Is there anybody having similar RSS problems? Anyone who knows the solution will you kindly respond? Thanks!!

  17. Hello there! This post could not be written much better! Looking through this post reminds me of my previous roommate! He always kept talking about this. I most certainly will forward this article to him. Fairly certain he’s going to have a good read. Thank you for sharing!

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…
6

Software Requirements Specification (SRS) for Loan Tenure Calculator

Software Requirements Specification (SRS) for Loanecur Tenure Calculator Introduction Purpose: The purpose…
4

Software Requirements Specification (SRS) for Post Office Savings Calculator

Software Requirements Specification (SRS) for Post Office Savings Calculator Introduction Purpose: The…
Software Requirements Specification SRS for Tax Saving Calculator

Software Requirements Specification (SRS) for Cost of Debt Calculator

Software Requirements Specification (SRS) for Cost of Debt Calculator Introduction  Purpose: The…