Published on : June 01, 2020
What is Interest rate?
Sets the Range for the Interest rate and Validates whether the Provided Interest Rate is Valid or Not
Service Used: sublan_eligibility.interest_rate
The service calculates the interest rate
Interest rate Settings (interest_rate )
| min outer_min max outer_max | The range in which the interest rate has to be. Outside the boundaries results in an error. For minimum: maximum of (min,outer_min) For Maximum: minimum of (max, outer_max) | Integer Values |
| Base_rate | Similar to default, it a starting interest rate | Integer Values |
| fixed | The fixed interest rate for this loan. Cannot be changed | Integer Values |
| zero | If the product is a zero interest rate product | Integer Values |
| Method | Type of interest rate. Used in sanction amount to calculate the max sanction amount | Reducing (default) Flat |
| skip | To skip this attribute we would add skip in product | yes / no |
Logic: Calculation of interest rate
Product Settings
-----------------
Product Settings is Compulsory (error if no settings)
Skip
--------
Allowed
Required
-----------
Required - Defaults to Calc.
Can be over written by rtsettings
Can be overwritten by Product Settings
Max
-----------------------------------
Max is compulsory
Minimum of max,outer_max
Min
--------------------------------------
Min is compulsory
Max of 0,min,outer_min
Calc Interest rate
-----------------------
In the Order below:
loan.loan_details.interest_rate
settings.fixed
settings.zero
settings.base_rate
Calculated Max
Check
------------------
Compare that interest rate is between rangeOutput:
interest_rate" =>
[
"debug" => array(1)
"skip" => string(2) "no"
"input_interest_rate" => string(2) "24"
"required" => string(3) "yes"
"max" => int(27)
"min" => int(21)
"base_rate" => int(24)
"interest_rate" => float(24)
"status" => string(7) "success"
"message" => string(24) "interest rate calculated"
]Visual Output
