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Software Requirements Specification (SRS) for Loan Repayment Calculator

Introduction

Purpose:

The purpose of this document is to define the requirements for the development of a Loan Repayment Calculator. This web-based application aims to assist users in planning and visualizing different repayment scenarios for loans.

Scope:

The Loan Repayment Calculator will provide users with a user-friendly interface to input loan details and visualize various repayment scenarios. The application will support different types of loans, including personal loans, home loans, and car loans.

System Overview

System Description:

The system will be a client-server application. Users will access the Loan Repayment Calculator through a web browser. The server will handle the logic for loan repayment 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:

Plan and Visualize Loan Repayment:
  • Users can input loan details, including loan amount, interest rate, and loan term.
  • The system will calculate and display different repayment scenarios, including monthly payments, total repayment amount, and amortization schedule.
  • Users can visualize the impact of changes in interest rates or loan terms on repayment.

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 repayment amount, total repayment amount, and generate an amortization schedule based on the provided loan details.

Output:

  • The system shall display the calculated repayment scenarios and amortization schedule 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 repayment scenarios and amortization schedule shall be displayed prominently.

Hardware Interfaces:

  • The system should be compatible with standard computing hardware.

Software Interfaces:

  • 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 loan repayment 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 adhere to 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 loan repayment 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 repayment calculations.

Test Case 1:

  • Inputs: Loan Amount = 1,00,000 INR, Interest Rate = 10%, Loan Term = 12 months.
  • Expected Output: Monthly Repayment ≈ 8,791 INR, Total Repayment ≈ 1,05,492 INR

Test Case 2:

  • Inputs: Loan Amount = 5,00,000 INR, Interest Rate = 8%, Loan Term = 24 months.
  • Expected Output: Monthly Repayment ≈ 23,319 INR, Total Repayment ≈ 5,59,656 INR

Test Case 3:

  • Inputs: Loan Amount = 2,00,000 INR, Interest Rate = 12%, Loan Term = 18 months.
  • Expected Output: Monthly Repayment ≈ 13,821 INR, Total Repayment ≈ 2,48,779 INR

Acceptance Criteria:

The application is considered successful if it produces correct loan repayment scenarios 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:

Loan_Repayment_Records:
  • RecordID (Primary Key, Auto-increment)
  • LoanAmount (Decimal)
  • InterestRate (Decimal)
  • LoanTerm (Integer)
  • MonthlyRepayment (Decimal)
  • TotalRepayment (Decimal)
  • AmortizationSchedule (Text)
  • CalculationDate (DateTime)

Conclusion

This SRS document outlines the requirements for the Loan Repayment 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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