NIRVIK Scheme

1. To reduce export credit interest rates to under 4% (foreign currency) and 8% (rupee credit) by enhancing cover. 

1. To enhance borrower’s credit ratings to AA by offering banks higher ECGC cover and reducing the lending risk. 

1. To support and facilitate small exporters to expand their export activities to large-scale operations and promote growth of employment in the country. 

Features of the NIRVIK Scheme

1. The premium rate of 0.60% per annum is fixed for exporters with account limits below Rs.80 crore. 

1. To raise insurance cover from the existing average of 60% to up to 90%. 

1. For exporters with an account limit exceeding Rs.80 crore, the premium rate is 0.72% p.a. 

1. In cases with losses exceeding Rs.10 crore, the relevant bank records and ECGC will be subject to inspection. 

Eligibility criteria

1. The NIRVIK Scheme is applicable exclusively to small exporters. 

1. Eligible exporters must be Indian citizens engaged in export-related business activities. 

1. Applicants are required to maintain an active bank account to avail themselves of the scheme’s benefits. 

Benefits of the NIRVIK Scheme

1. It will ease the process of credit disbursal and become more exporter friendly. 

1. It supports MSMEs by ensuring greater liquidity by providing a steady flow of working capital. 

1. It helps in strengthening the competitiveness of Indian exporters in both domestic and international markets. 

1. It also eliminates roadblocks in the claim settlement process and fastens them. 

1. It contributes to lower insurance costs and lower tax reimbursements, thereby improving productivity for exporters.