Instalment illustrations
Each time PayCredit receives a debit transaction it triggers an instalment eligibility event:
- PayCredit checks if a transaction is eligible for an instalment based on the configured eligibility criteria.
- If the transaction meets the qualifying parameters it creates a record in the eligible transactions log.
Eligible transactions capture the following key details, among others:
Key detail | Description | Example |
|---|---|---|
Account ID | The ID of the account linked to the original transaction. | 468677892 |
Product ID | The product ID associated with the account. | 123 |
Transaction ID | The transaction reference of the original transaction ( | 2237382988901000090 |
Transaction type ID | The ID identifying the type of the original transaction. | Purchase - card ( |
Transaction amount | The original transaction amount. | 1050.00 |
Transaction date and time | The timestamp of when the original transaction occurred. | 2024-09-12 02:05:59 |
Criteria ID | The ID of the criteria from the finance option against which the original transaction was validated. | 765435 |
Instalment illustrations
When customers are notified that a transaction is eligible for an instalment, they can generate and view available loan illustrations based on the available finance options. Typically, this might include different illustrations based on tenure e.g. 3, 6 or 12 months.
Prior to generating illustrations, the eligibility of the transaction is re-evaluated against the relevant finance options and associated transaction criteria.
Illustrations displayed to the customer are recorded by PayCredit as they may form the basis for an instalment.
- First you will need to call the GET /instalment-illustrations/reference/{transaction_reference} API.
The key identifier for retrieving the instalment illustration(s) is the transaction reference, which is theTIDfrom Banking.Live. - The API call triggers creation of instalment illustrations.
- You will then receive the available instalment illustrations along with the associated
illustration_idin the API response.
The applicableillustration_idwill be needed when creating the instalment loan.You can read more on this here.
Illustrations capture the following key details, among others:
| Key detail | Description | Example |
|---|---|---|
| Account ID | The ID of the eligible transactions account. | 468677892 |
| Finance option ID | The ID of the finance option upon which this illustration is based. | 8797857 |
| Total principal | The principal amount for the instalment loan. | 1050.00 |
| Total interest | The total interest payable, assuming the loan runs for the full tenure. | 116.00 |
| Interest rate | Interest rate % (as defined on the associated finance option). | 11.00% |
| Interest calculation method | The calculation method of the interest rate (as defined on the associated finance option). | Flat |
| Processing fee | The processing fee (as defined on the associated finance option). | 52.50 |
| Payment amount per cycle | The amount payable per cycle. | 97.00 |
| Number of cycles (loan tenure). | The total number of payment cycles (as defined on the associated finance option). | 12 |
| Late fee | The late fee, if applicable (as defined on the associated finance option). | 12.00 |
| Cancellation fee | The cancellation fee, if applicable (as defined on the associated finance option). | 105.00 |
| Termination fee | The termination fee, if applicable (as defined on the associated finance option). | 15.00 |
| Transaction ID | The transaction reference of the original transaction (TID from Banking.Live). | 2237382988901000090 |
Updated 7 months ago