Create a Loan

post

https://embarc-api-qa.lendapi.com/embarc-core/api/v1/loans

This endpoint allows submitting a loan application by providing details such as principal, term, interest rate, repayment frequency, and optional charges. A successful response indicates that the loan application has been submitted and is pending review and approval by an authorized user.

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Note: For complete details on creating a loan, please refer to the Create Loan documentation. Loan Engines

Body Params

productId

integer

required

Defaults to 4

The unique identifier of product.

Regex: ^\d+$

Example: 4

clientId

integer

required

Defaults to 1

The unique identifier of customer.

Regex: ^\d+$

Example: 1

loanType

string

required

Defaults to individual

Loan type is for individual only.

Example: individual

dateFormat

string

required

Defaults to dd MMMM yyyy

mandatory date format when a date field is used

Example: dd MMMM yyyy

locale

string

required

Defaults to en

The locale of the customer. en will be passed as default

Example: en

submittedOnDate

string

required

Defaults to 13 December 2025

The date when the loan application has been submitted

Date in set dateFormat (set this to today's date)

Example: 03 December 2025

expectedDisbursementDate

string

required

Defaults to 13 December 2025

The date when the loan application has been expected to be disbursed

Date in set dateFormat (set this to today's date)

Example: 03 December 2025

principal

double

required

Defaults to 120

The principal amount of the loan.

Regex: ^[1-9][0-9]*$

Example: 1000

loanTermFrequency

integer

required

Defaults to 24

The frequency of loan term

loanTermFrequency=12 with loanTermFrequencyType=2
which means a 12‑month term

Example: 24

loanTermFrequencyType

integer

required

Defaults to 2

The type of frequency for loan payments.The loan term frequency type must be one of the specified integers.

Ensure that the loanTermFrequencyType matches the repaymentFrequencyType.

0 - Days, 1 - Weeks, 2 - Months, 3 - Years

Example: 2

numberOfRepayments

integer

required

Defaults to 24

Number of loan installment
numberOfRepayments=12 with repaymentFrequencyType=2 which means a 12‑month installment repayment.

0 - Days, 1 - Weeks, 2 - Months, 3 - Years

Example: 24

interestRatePerPeriod

double

required

Defaults to 9.5

The interest rate per period of the loan.

Regex: ^\d+(.\d+)?$

Example: 9.5

interestRateFrequencyType

integer

required

Defaults to 3

The interest rate frequency type of the loan. it is restricted to 3 (year)

Regex: ^\d+$

Accepted: 3 - Years

Example: 3

charges

array of objects

Optional or Fixed: { "chargeId": 9,"amount": 10 }

ChargeId: 9 has been setup up in LMS for a dynamic charge refer to loan template.

charges

interestType

integer

required

Defaults to 0

The type of interest for the loan.

The accepted values for Interest Type are: 0 - Declining Balance

Example: 0

amortizationType

integer

required

Defaults to 1

The type of loan amortization refers to which loan principal and interest are repaid over time.

The accepted values for Amortization Type are:
1 - Equal principal payments

Example: 1

interestCalculationPeriodType

integer

required

Defaults to 0

The type of period for interest calculations.

The accepted values for interestCalculationPeriodType are: 0 - Daily

Example: 0

repaymentEvery

integer

required

Defaults to 1

Number of repayment in a frequency type
repaymentEvery=1 with repaymentFrequencyType=2 which means a 1 time repayment in a month.
0 - Days, 1 - Weeks, 2 - Months, 3 - Years
Example: 1

repaymentFrequencyType

integer

required

Defaults to 2

The type of frequency for loan payments.The loan term frequency type must be one of the specified integers. Ensure that the loanTermFrequencyType matches the repaymentFrequencyType.

0 - Days, 1 - Weeks, 2 - Months, 3 - Years

Example: 2

transactionProcessingStrategyCode

string

required

Defaults to advanced-payment-allocation-strategy

Defaults to advanced-payment-allocation-strategy
the strategy used to process transactions of the loan.

Example: advanced-payment-allocation-strategy

graceOnPrincipalPayment

integer

Defaults to 3

moratorium principle payment if product configuration allows.

Example: 3

graceOnInterestPayment

integer

Defaults to 6

moratorium interest period if product configuration allows.

Example: 6

Headers

x-embarc-tenant-id

string

required

Defaults to default

Responses

Language

Credentials

Bearer

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Response

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application/json

200

400Bad Request