nirvik scheme for 13 July 2025

The Niryat Rin Vikas Yojana (NIRVIK) popularly known as Export Credit Insurance Scheme (ECIS), introduced by the Export Credit Guarantee Corporation of India (ECGC) to enhance credit availability and streamline the lending process for exporters. This initiative was introduced to strengthen India’s export ecosystem by ensuring easier access to export credit and making it more affordable for exporters. The scheme also aligns with the vision of the government to strengthen the export sector, especially benefiting MSMEs by making credit accessible, affordable, and secure.

NIRVIK Scheme Objectives

The NIRVIK Scheme aims to simplify the lending process and enhance loan accessibility for exporters, with a special focus on MSMEs.

NIRVIK Scheme Features

1. The Scheme provides up to 90% coverage of both the principal and interest on loans which  includes pre-shipment and post-shipment credit, ensuring end-to-end protection.
2. With the enhanced cover, interest rates for export credit will be:
   1. Foreign currency loans: Below 4%.
   2. Rupee loans: Below 8%.
3. ECGC offered a credit guarantee of up to 60% of losses. 

NIRVIK Scheme Significances

1. Higher insurance coverage reduces the risk for banks, encouraging them to extend credit to exporters.
2. Simplified procedures enable exporters to access funds without extensive delays.
3. Lower interest rates and greater financial assurance make Indian exports more competitive globally.
4. The scheme particularly benefits small and medium enterprises, ensuring they can expand their reach in international markets.