Update Loan Product

put

https://api.cloud.mbanq.com/v1/loanproducts/{loanProductId}

Use this API to update the loan product details. You need to specify the loan product Id.

Example Requests:

PUT /loanproducts/1

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Path Params

loanProductId

string

required

The associated loan product Id

Body Params

name

string

Name associated with loan product.
Example: Home Loan

shortName

string

Short name associated with a loan product.
Example: HL

currencyCode

string

A three letter ISO code of currency for the loan product.
Example: USD

digitsAfterDecimal

integer

Override the currency default value for digitsAfterDecimal.
Example: 2

inMultiplesOf

integer

The number of multiples of the currency.
Example: 10

principal

integer

The principal amount for this loan product.
Example: 5000

numberOfRepayments

integer

The number of repayments for the loan product.
Example: 12

repaymentEvery

integer

The repayment frequency for the loan product.
Example: 1

repaymentFrequencyType

integer

enum

The repayment frequency type.

0: Days
1: Weeks
2: Months
3: Years

Allowed:

repaymentRescheduleOnHoliday

boolean

Indicates whether the repayment date should be rescheduled if it falls on a holiday.
If set to true, the repayment date will be adjusted based on the configured rescheduling rules.
If set to false, the repayment will remain scheduled on the original due date, even if it falls on a holiday.
Example: false

paymentDueOnNonWorkingDays

integer

Determines how the repayment due date should be adjusted when it falls on a non-working day.

0 (INVALID): Invalid repayment reschedule type.
1 (SAME_DAY): The due date remains unchanged.
2 (MOVE_TO_NEXT_WORKING_DAY): The due date moves to the next working day.
3 (MOVE_TO_NEXT_REPAYMENT_MEETING_DAY): The due date moves to the next scheduled repayment meeting day.
4 (MOVE_TO_PREVIOUS_WORKING_DAY): The due date moves to the previous working day.
5 (MOVE_TO_NEXT_MEETING_DAY): The due date moves to the next meeting day.
Example: 1 (SAME_DAY)

interestRatePerPeriod

string

The interest rate per period for the loan product.
Example: 5.25

interestRateFrequencyType

integer

enum

The interest rate frequency type.

2: Months
3: Years

Allowed:

amortizationType

integer

enum

The amortization type of the loan product.

0: Equal principal payments
1: Equal installments

Allowed:

interestType

integer

enum

The interest type of the loan product.

0: Flat
1: Declining balance

Allowed:

interestCalculationPeriodType

integer

enum

The interest calculation period type.

0: Daily
1: Same as repayment period

Allowed:

transactionProcessingStrategyId

integer

enum

This enumeration indicates the type of transaction processing strategy to be used.
List of transaction processing strategy Id.

1: Penalties, Fees, Interest, Principal order
2: HeavensFamily Unique
3: Creocore Unique
4: Overdue/Due Fee/Int,Principal
5: Principal, Interest, Penalties, Fees Order
6: Interest, Principal, Penalties, Fees Order
7: Early Repayment Strategy

Allowed:

accountingRule

integer

enum

The accounting rule for the loan product.

1: NONE
2: CASH_BASED
3: ACCRUAL_PERIODIC
4: ACCRUAL_UPFRONT

Allowed:

isInterestRecalculationEnabled

boolean

Whether interest recalculation is enabled for the loan product.
Example: false

daysInMonthType

integer

enum

The days in month type.

1: Actual
2: 30 days

Allowed:

daysInYearType

integer

enum

The days in year type.

1: Actual
360: 360 days
364: 364 days
365: 365 days

Allowed:

locale

string

The locale for the loan product for principal amount.
Example: en

description

string

For providing helpful description of product offering.
Example: Home Loan

fundId

integer

For associating a loan product with a given fund by default.
Example: 1

installmentAmountInMultiplesOf

integer

The installment amount in multiples of the currency.
Example: 10

minimumDaysBetweenDisbursalAndFirstRepayment

integer

The minimum number of days allowed between a Loan disbursal and its first repayment.
Example: 10

inArrearsTolerance

integer

The tolerance amount assessed when determining if a loan is in arrear.
Example: 10

principalThresholdForLastInstalment

integer

Field represents percentage of current instalment principal amount for comparing against principal outstanding to add another repayment instalment.
If the outstanding principal amount is less then calculated amount, remaining outstanding amount will be added to current instalment.
Default value for multi disburse loan is 50% and non-multi disburse loan is 0%
Example: 10

canDefineInstallmentAmount

boolean

If provided as true, then fixed instalment amount can be provided from loan account.
Example: true

graceOnPrincipalPayment

integer

The number of repayment periods that grace should apply to the principal component of a repayment period.
Example: 10

graceOnInterestPayment

integer

The number of repayment periods that grace should apply to the interest component of a repayment period.
Example: 10

graceOnInterestCharged

integer

The number of repayment periods that should be interest-free.
Example: 10

graceOnArrearsAgeing

integer

This used in Arrears amount calculation to only take into account loans that are more than graceOnArrearsAgeing days overdue.
Example: 10

overdueDaysForNPA

integer

The maximum number of days a Loan may be overdue before being classified as a NPA (Non Performing Asset)
Example: 10

accountMovesOutOfNPAOnlyOnArrearsCompletion

boolean

If provided as true, then the loan account moves out of NPA only when all arrears are cleared.
Example: true

allowPartialPeriodInterestCalcualtion

boolean

If provided as true, then allow partial period interest calculation. This field value will be supported along with interestCalculationPeriodType as Same as repayment period to calculate interest for partial periods
Example: true

includeInBorrowerCycle

string

Whether the loans should include in loan cycle counter or not.
Example: true

useBorrowerCycle

boolean

whether the loans should depend on borrower loan cycle counter or not.
Example: true

principalVariationsForBorrowerCycle

array of objects

The principal variations for the borrower loan cycle. Mandatory if useBorrowerCycle is true.

principalVariationsForBorrowerCycle

interestRateVariationsForBorrowerCycle

array of objects

The interest rate variations for the borrower loan cycle. Mandatory if useBorrowerCycle is true.

interestRateVariationsForBorrowerCycle

numberOfRepaymentVariationsForBorrowerCycle

array of objects

The number of repayment variations for the borrower loan cycle. Mandatory if useBorrowerCycle is true.

numberOfRepaymentVariationsForBorrowerCycle

allowAttributeOverrides

object

The attribute overrides from the loan product while creating the loan.

charges

array of objects

List of charges associated with the account.
Example: []

charges

dateFormat

string

The date format for this loan product.

Headers

tenantId

string

required

Defaults to z01j3e71zd6zkq908vyf5861a8

The ID of your banking instance visible in the MBANQ Console.

Responses

200The loan product is updated successfully.

400The request fails if the tenant Id is missing or incorrect.