What is the NIRVIK scheme for exporters?

NIRVIK stands for Niryat Rin Vikas Yojana – a scheme launched to ease the lending process and provide credit to small-scale exporters. Learn more in this blog.
Nirvik scheme
Setting up an export business requires considerable capital investment. Exporters usually look for support from banks and other lending institutions to get additional funds. In the increasingly competitive market, this can become a challenge for aspiring exporters. To make the export process easy for businesses, the government launched the NIRVIK scheme in 2020.

What is the NIRVIK scheme?

NIRVIK stands for Niryat Rin Vikas Yojana – a scheme launched to ease the lending process and provide enhanced credit availability to small-scale exporters. This scheme was announced by Finance Minister Nirmala Sitharaman, as part of the Union Budget 2020-21. The government appointed the Export Credit Guarantee Corporation of India (ECGC) as the implementing agency for this scheme. This was launched to mitigate the challenges faced by exporters and help drive exports from India1.

Objectives of the NIRVIK scheme

The key objective of the NIRVIK scheme is to ensure high credit disbursement to Indian exporters. Below are some of the other objectives of the NIRVIK scheme2:

High insurance cover

The scheme offers a high insurance cover for exporters to support them in business expansion. The NIRVIK scheme provides a credit guarantee of 90% to exporters in case of loss as opposed to 60% credit guarantee offered before the ECGC scheme was introduced.

Reduced policy premium

The scheme provides an opportunity for small-scale exporters to reduce their policy premium and overall cost.

Simplified claim process

The NIRVIK scheme offers a simplified claim settlement procedure that makes it easy for exporters to focus on their business operations.

Features of the NIRVIK scheme

The NIRVIK scheme was launched to reduce the burden of financing from exporters. Some of the key features of the scheme are:

Insurance premium

The insurance premium is .60% per annum for exporters with a limit of less than INR 80 crore and .72% per annum for exporters with a limit above INR 80 crore.

Extended coverage

The extended coverage aims to ensure that foreign and rupee export credit is maintained below a level of 4% and 8% respectively.

Pre and post-shipment

Both pre and post-shipment credit requirements are covered as part of the scheme.


The scheme is expected to be active for five years from 2020.

Nominal interest rate

Small exporters have the option to avail credit at a rate of interest from 7.6% per annum.

What is the eligibility under the NIRVIK scheme?

The eligibility criteria under the NIRVIK scheme are3:
· Small-scale exporters
· Applicant should be an Indian citizen who owns an export business
· Applicant should be an exporter with a bank limit of less than INR 80 crore

How to apply for the NIRVIK scheme?

Exporters can apply for the NIRVIK Scheme by submitting required documents that are highlighted as part of the budget speech when this scheme was rolled out in 2020.

Documents required for the NIRVIK scheme

An exporter needs to submit the following documents to avail of benefits under the NIRVIK scheme:

Business registration documents

Irrespective of the type of business, registration documents are required.

GST certificate

Exporters need to obtain a GST Certificate from the respective department and submit it.

Business PAN card

The PAN card in the business’s name is required.

Identity proof

Key authorized personnel from the business are required to submit identity proof like Aadhaar Card.

Bank loan certificate

In case an exporter has secured a loan from any bank, loan-related documents are required to be submitted for verification.

Insurance documents

The exporter needs to submit all insurance-related documents to avail of benefits as a part of the scheme.

Benefits of the NIRVIK scheme

The NIRVIK scheme is particularly useful for small-scale exporters willing to expand their business in international markets. Here are some of the key benefits of the NIRVIK Scheme:

Low credit score

The scheme offers the dual benefit of low credit costs and protection against payment defaults to exporters. As an exporter can get insurance coverage at a low cost, it helps reduce operational costs and offers protection against payment defaults.

Business expansion

The scheme is designed to help small-scale Indian exporters expand their businesses globally.

Quick settlement

The scheme allows quick settlement of claims which helps ensure better liquidity.

Exporter-friendly ecosystem

The scheme helps create an exporter-friendly ecosystem.

Improved competitiveness

The scheme helps small-scale Indian exporters compete with large domestic and international exporters.

The NIRVIK scheme offers multiple benefits including insurance coverage and credit support. This further simplifies the export process, making the industry more accessible for small-scale businesses. Schemes like this and growth of e-commerce has opened up many opportunities for MSMEs.

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Frequently Asked Questions

Who introduced the NIRVIK scheme?
Finance Minister Nirmala Sitharaman introduced the NIRVIK scheme as a part of the Union Budget 2020-21.
Which government authority is responsible for the NIRVIK scheme?
Export Credit Guarantee Corporation of India (ECGC) is responsible for the implementation of the NIRVIK scheme.
Is the NIRVIK scheme only available for exporters?
Yes. the NIRVIK scheme has been launched to ensure the easy availability of credit to small-scale Indian exporters.
What is the tenure of the NIRVIK scheme?
The NIRVIK scheme is expected to run for five years from its launch in 2020.
Published on December 29, 2022.


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