TallyCapital: Business Loan & Eligibility Check in TallyPrime
Introduction
For many businesses, access to timely finance is important for managing working capital, purchasing inventory, expanding operations, purchasing equipment, or handling unexpected business expenses.
However, finding the right financing option and completing the loan application process can often involve multiple steps, documents, and interactions with lenders.
TallyCapital brings a financing solution closer to the TallyPrime environment. It allows eligible TallyPrime users to check business loan eligibility, access credit-report information, and apply for business loans digitally.
In this blog, let’s understand what TallyCapital is, how it works, its key benefits, and how businesses can use it to explore financing options.
What is TallyCapital?
TallyCapital is a financing solution designed for TallyPrime users.
It connects businesses with lending partners and helps simplify the journey from checking eligibility to applying for a business loan.
Through TallyCapital, users can:
- Check business loan eligibility
- Check credit score and credit-report information
- Explore available financing options
- Apply for a business loan digitally
- Complete required KYC documentation
- Track the application process
TallyCapital works with lending partners to facilitate access to credit. TallyCapital itself does not directly guarantee or approve a loan; final approval and loan terms depend on the applicable lending partner and the applicant’s eligibility.
Why is TallyCapital Useful for Businesses?
Business owners often need funds for different purposes, such as:
- Working capital requirements
- Purchasing inventory
- Business expansion
- Machinery or equipment
- Managing cash-flow requirements
- Opening a new branch
- Meeting business expenses
TallyCapital provides a digital way for TallyPrime users to explore financing options without having to begin the process completely outside their accounting environment.
Key Features of TallyCapital
1. Check Business Loan Eligibility
One of the useful features of TallyCapital is the ability to check your potential loan eligibility before applying.
The eligibility assessment can use relevant business information and, where applicable, bank statements and credit information.
This can help business owners understand their financing possibilities before proceeding with an application.
2. Check Your Credit Score & Credit Report
TallyCapital also provides access to credit-report information.
For eligible sole-proprietor users, TallyPrime can provide access to a credit score and detailed credit report. The report can include information about active and closed accounts, outstanding amounts, payment information, and credit enquiries.
This helps business owners understand their credit profile before making financing decisions.
Important:
Checking your own credit score through the applicable TallyCapital process does not negatively impact your credit score because it is treated as a soft enquiry.
3. Digital Business Loan Application
TallyCapital allows eligible users to create and submit loan applications digitally.
The process can use relevant company information maintained in TallyPrime, reducing the need to repeatedly enter certain business details manually. Users can also handle required KYC documentation digitally within the application process.
4. Multiple Lending Partners
TallyCapital works with lending partners to provide businesses with financing options.
This means businesses may be able to explore offers from multiple lenders rather than relying on a single financing source. The available lenders and offers can vary based on the applicant’s profile and eligibility.
5. Track Your Loan Application
After submitting an application, users can track its progress.
If additional information or changes are required based on reviewer comments, the application process can also support updating and resubmitting the application.
6. EMI Calculation
TallyCapital also provides an EMI calculator to help users understand potential repayment requirements.
Before accepting any loan, it is important to consider the loan amount, interest rate, tenure, EMI, processing charges, and other applicable terms offered by the lender.
How Does TallyCapital Work?
The overall process can be understood in four simple steps:
Step 1: Check Eligibility
Start by checking whether you may be eligible for a business loan.
Step 2: Explore Available Options
Review the financing options available based on your business profile and eligibility.
Step 3: Apply Digitally
Complete the required information and documentation and submit your application.
Step 4: Lender Processing & Disbursal
The relevant lending partner evaluates the application. If approved, the loan is disbursed according to the lender’s terms and process.
Can You Check Your CIBIL Score Through TallyCapital?
Yes, eligible users can access their credit score and detailed credit-report information through TallyCapital.
According to Tally’s current documentation, the credit-score and report feature is applicable to sole-proprietor firm types.
This can be useful for business owners who want to understand their credit position before exploring financing.
What Type of Business Loans Can Be Explored?
TallyCapital currently facilitates access to different financing products through lending partners. Depending on eligibility and lender availability, these can include business financing options such as term loans and other applicable credit products.
The exact:
- Loan amount
- Interest rate
- Tenure
- EMI
- Processing fee
- Security/collateral requirements
- Approval conditions
depend on the applicable lender and the customer’s profile
Is TallyCapital an Unsecured Loan?
TallyCapital can facilitate different types of business financing through its lending partners, and the applicable requirements depend on the specific loan product and lender.
Therefore, businesses should not assume that every loan available through TallyCapital is unsecured.
Before accepting an offer, always check the lender’s terms and conditions, including whether collateral or security is required.
Who Can Benefit from TallyCapital?
TallyCapital can be useful for TallyPrime-using businesses that want to explore financing for:
- Working capital
- Business expansion
- Inventory purchases
- Equipment requirements
- Cash-flow management
- Business growth opportunities
It can be particularly relevant for MSMEs and growing businesses that want a more digital approach to exploring business finance.
Why TallyPrime Users May Find TallyCapital Convenient
One of the biggest advantages is the integration with the TallyPrime environment.
Instead of starting from scratch on a separate platform, eligible users can access TallyCapital through TallyPrime and use relevant business information maintained in their company data during the process.
This can help make the financing journey more convenient and reduce repetitive data entry.
Things to Check Before Taking a Business Loan
Getting access to financing is important, but choosing the right loan is equally important.
Before accepting a loan offer, consider:
Interest Rate
Understand the applicable interest rate and how it affects your total repayment.
EMI
Check whether the monthly EMI fits comfortably within your business cash flow.
Loan Tenure
A longer tenure may reduce the EMI but can increase the total interest paid.
Processing Charges
Check for processing fees and other applicable charges.
Repayment Conditions
Understand the repayment schedule, penalties, and other applicable terms.
Lender Terms
Read the final agreement carefully before accepting the loan.
How Ajay Infotech Can Help
If you’re already using TallyPrime and want to understand TallyCapital, Ajay Infotech can help you understand the feature and guide you through the TallyPrime-side process.
Our TallyPrime support services include:
- TallyPrime Installation & Setup
- TallyPrime Upgrade
- TallyCapital Assistance
- TallyPrime Training
- TSS Renewal
- Data Migration
- Tally Customization
- TDL Support
- Technical Support
As a Tally Certified Partner, Ajay Infotech helps businesses make better use of TallyPrime and its connected solutions.
Frequently Asked Questions
What is TallyCapital?
TallyCapital is a financing solution integrated with TallyPrime that helps eligible users check loan eligibility, access credit information, and apply for business loans through lending partners.
Does Tally provide the loan directly?
No. TallyCapital facilitates access to loans through banks, NBFCs, and other lending partners. Final approval and loan terms are determined by the applicable lender.
Can I check my credit score through TallyCapital?
Yes, eligible users can check their credit score and detailed credit report. Tally’s documentation specifies that the credit-score feature is applicable to sole-proprietor firm types.
Does checking my credit score reduce my score?
According to Tally’s documentation, checking your own credit score through TallyCapital does not negatively impact your credit score.
Can I apply for a business loan through TallyPrime?
Yes. Eligible TallyPrime users can create and submit a business loan application digitally through TallyCapital.
Is loan approval guaranteed?
No. Loan approval depends on the applicable lending partner’s eligibility criteria, credit assessment, KYC verification, and other requirements.
Which TallyPrime versions support TallyCapital?
Tally’s current help documentation states that the TallyCapital plug-in is supported in TallyPrime Release 1.0 and later, while Tally also lists TallyCapital as a plug-in available from Release 5.0 onwards in its current plug-in documentation. For the latest supported configuration, users should verify their TallyPrime setup.
Conclusion
Access to timely finance can play an important role in business growth. However, finding suitable financing and completing the application process can often be time-consuming.
TallyCapital brings loan eligibility checks, credit-report access, and digital business-loan applications closer to TallyPrime users.
With the ability to explore financing options through lending partners and manage much of the application journey digitally, TallyCapital can make it easier for eligible businesses to explore their financing possibilities.
However, every business loan is subject to the lender’s eligibility criteria and terms. Businesses should carefully compare the available options and understand the complete repayment cost before accepting any offer.
Using TallyPrime? Explore TallyCapital and understand your business financing options.
Need Help with TallyCapital?
Ajay Infotech – Tally Certified Partner
9324753025 | 9130610665 | 9607315665
