NIRVIK Scheme (Niryat Rin Vikas Yojana) is an export credit insurance initiative introduced by the Government of India. The primary objective of this scheme is to assist exporters by mitigating their financial risks and facilitating easier access to bank credit. It is implemented through the 'Export Credit Guarantee Corporation of India' and offers insurance coverage of up to 90 percent on export credits; additionally, the scheme features lower insurance premium rates and an expedited process for the settlement of insurance claims. The aim of this initiative is to encourage banks to extend greater credit facilities to exporters particularly those within the Micro, Small, and Medium Enterprises (MSME) sector thereby injecting momentum into India's export trade and further strengthening the country's standing in the global market.
Overview of NIRVIK Scheme 2026
The exporter applies to a bank for a loan to finance their export operations.
The bank obtains insurance coverage from the ECGC under the 'NIRVIK' scheme.
Up to a maximum of 90% of the loan risk is covered by the insurance.
The exporter gains access to loan facilities that are both streamlined and cost-effective.
In the event of a loan default, the ECGC expeditiously settles the insurance claim.
Key Features of Niryat Rin Vikas Yojana 2026
Under the 'NIRVIK' scheme, insurance coverage of up to 90 percent is provided on both principal and interest a level of protection that exceeds that offered by previous schemes. It facilitates premium payments at relatively lower rates and ensures the speedy settlement of insurance claims within 30 days. Furthermore, this scheme enables exporters to access enhanced credit limits and mitigates the risk or apprehension of loan defaults for banks, thereby further encouraging lending within the export sector.
Objectives of NIRVIK Scheme 2026
The primary objective of the 'NIRVIK' scheme is to boost India's exports by increasing the flow of credit to exporters. The scheme aims to mitigate the financial risks faced by banks, provide support to small and medium-sized exporters, and enhance the competitiveness of Indian export products in the global market.
Eligibility of Niryat Rin Vikas Yojana 2026
This scheme is primarily applicable to exporters who avail themselves of bank loans for the purpose of conducting export operations. Both new and existing exporters (including MSMEs) are eligible to benefit from this scheme. Banks that provide export credit may also participate in this scheme by insuring the loans they have extended through the ECGC.
How to Apply of NIRVIK Scheme 2026
Exporters do not apply directly for the 'NIRVIK' scheme. Instead, they must approach a bank to obtain export credit. Subsequently, the bank applies to the Export Credit Guarantee Corporation of India (ECGC) for insurance coverage under this scheme. Once the application is approved, the exporter can avail of the credit facility, complete with insurance coverage.
NIRVIK Scheme 2026 - Frequently Asked Questions (FAQ):
Q1. What is the NIRVIK scheme?
Answer: It is an export credit insurance scheme that helps exporters obtain loans from banks more easily and securely.
Q2. Who implements this scheme?
Answer: This scheme is implemented by the 'Export Credit Guarantee Corporation of India'.
Q3. Is it beneficial for small exporters?
Answer: Yes, especially MSMEs, as it improves access to easy loans.
Q4. Does the exporter apply directly?
Answer: No, banks apply for insurance under this scheme.
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