Can an Accounting Software get you a Business loan?

When you think of accounting software, you probably think of managing finances, generating invoices, and tracking expenses. But did you know that TallyPrime, a trusted accounting software, now offers a feature called TallyCapital that enables businesses to secure loans? 
 
This new addition helps small businesses and startups access funding seamlessly through their software, making it a game-changer in the world of business management tools.

This guide explores how TallyCapital works, the eligibility criteria for business loans, and tips for securing funding for your startup or MSME.

What is TallyCaptial?

This guide explores how TallyCapital works, the eligibility criteria for business loans, and tips for securing funding for your startup or MSME.TallyCapital is a feature integrated into TallyPrime, designed to simplify the process of obtaining business loans. As part of Tally Solutions, TallyCapital connects businesses with trusted financial partners, offering tailored loan solutions for startups and MSMEs. While iZoe, as a Tally Solution Partner, does not directly provide loans, we enable businesses to leverage TallyPrime to explore loan opportunities.

With TallyCapital, you can access loan options directly through your accounting software, providing a seamless experience that eliminates the need for lengthy offline processes.

Eligibility Requirements for a Business Loan 
 
To secure a business loan through TallyCapital or other avenues, you must meet the following criteria: 

• Your business should be less than five years old. 

• The annual turnover should not exceed ₹25 crores. 

• Only Limited Liability Partnerships (LLPs) or Private Limited Companies are eligible. 

• Approval from the Department for Promotion of Industry and Internal Trade (DPIIT) is required. 

• Applicants must be Indian citizens aged between 21 and 65 years. 

Meeting these criteria prepares you to apply for funding through TallyCapital’s network of financial partners. 

Documents Needed for Business Loan Applications 

While applying for a business loan via TallyCapital or other channels, you'll need the following documents: 

KYC Documents: Aadhaar card, PAN card, driving license, voter ID, or utility bills.
Business Plan: A comprehensive plan detailing your goals and loan utilization. 
Business Incorporation Certificate: Proof of your company’s registration. 
Address Proof: Documents verifying the official business address.
Additional Documents: As specified by the lender. 

Factors Determining Loan Approval 

Several factors influence your chances of getting a business loan, whether through TallyCapital or other options: 

Nature of Business
Financial partners evaluate the type of business and its associated risks. 

Profitability
A profitable business is more likely to secure loans easily. 

Credit History
A strong credit score reflects reliability and increases loan approval chances. 

Business Plan
An impactful business plan can significantly strengthen your loan application. 

Document Readiness
Having all required documents in order ensures a smooth application process.  

How TallyCapital Simplifies the Loan Process: 

With TallyPrime and TallyCapital, businesses can now:

• View personalized loan offers from verified financial institutions.
• Apply for loans directly through the software with minimal documentation.
• Track loan application status and repayment schedules. 

TallyCapital is designed to empower businesses by bridging the gap between financial needs and solutions, ensuring startups and MSMEs can focus on growth without financial hurdles.

Tips for New Entrepreneurs 

Here are some practical tips for improving your chances of securing a loan: 

Draft a Strong Business Plan
Clearly outline your business goals, financial forecasts, and loan utilization plan. 

Maintain a Healthy Credit Score
Pay your bills and existing EMIs on time to maintain a good CIBIL score. 

Explore Government Schemes
Familiarize yourself with loan options like PMMY, CGTMSE, and CLCSS for additional support. 

Leverage TallyCapital
Use TallyPrime to access trusted loan offers and simplify your application process. 

Conclusion 

TallyPrime, with its TallyCapital feature, adds a new dimension to accounting software by enabling businesses to secure loans with ease. By integrating loan discovery and application within the software, TallyPrime ensures startups and MSMEs can access funding efficiently. 

As an authorized Tally Solution Partner, iZoe is here to guide you in utilizing TallyPrime and TallyCapital effectively, ensuring your business achieves its financial goals.