NIRVIK Scheme: To Ease Lending Process

  • The 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.
  • Enhanced cover will ensure that Foreign and Rupee export credit interest rates will be below 4% and 8% respectively for exporters.
  • Under ECIS, insurance cover percentage has also been enhanced to 90% from the present average of 60% for both Principal and Interest.

Source : Civil Services Chronicle Online, October, 2019