NIRVIK

Salient features of the scheme: 

• Ministry of Commerce & Industry through Export Credit Guarantee Corporation (ECGC) has introduced a new Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process.
  
  
• Under ECIS, the insurance cover percentage has also been enhanced to 90% from the present average of 60% for both Principal and Interest of the loan for pre- and post-shipment credit.
  
  
• Claim inspection would be waived for up to ₹10 crore. For claims higher than this amount, inspection of bank documents and records by ECGC officials will be mandatory.
  
  
• The existing premium rate would be lowered, with loans to be categorised into two broad categories of those below ₹80 crore and those above that amount. Loans above ₹80 crore will be further divided into those that are not for gold, jewellery or diamonds, and those that are.
  
  
• Public sector banks had agreed to give the ECGC-covered loans at a rate that is a maximum of 2.2% higher than the prevailing repo rate, and this would be adjusted as the repo rate changes.