The central government is going to bring a new Nirvik Yojana 2019 (NIRVIK scheme) for those who export in the country. Modi government will increase loan availability for exporters (Loan Scheme for Exporters, MSMEs) through Nirvik Yojana. Commerce and Industry Minister Piyush Goyal announced the scheme on Monday. The Export Guarantee Corporation of India will launch this government scheme. Under the NIRVIIK scheme, exporters can be given loans easily.
The Pradhan Mantri Nirvik Yojana 2019 will work for the moderation of exporters of MSME sector so that export guarantee can be enhanced and up to 90% of principal and interest will be covered under insurance.
According to the Pradhan Mantri Nirvik Yojana, if there is any loss, then the ECGC (Export Credit Guarantee Corporation Loan scheme – ECGC) has provided a loan guarantee of up to 60% under which the Nirvik consumers and exporters are covered up to 90%. Will be able to go
Nirvik Plan 2019 – Insurance cover
Under the Export Credit Development Scheme (NIRVIK Yojna for MSMEs and Exporters), exporters will get easy credit for losses up to 60 per cent. Along with this, 90 percent amount and interest will be insured. The NIRVIIK scheme will include both pre and post shipment credits. The main objective of introducing this scheme is to increase the availability and access of credit for exporters and to make trade easier.
Higher premium rate as compared to Non-GJD sector borrowers in this category due to higher loss rate in the area of Gem Jewelry and Diamonds (Gems, Jewelery, Diamond – GJD) with a limit of more than Rs 80 crore under the Export Credit Development Scheme. Will be.
The Export Guarantee Corporation of India will provide additional cover to banks along with insurance cover (Nirvik Loan Scheme) as the credit rating of the borrower will be increased to AA rated account. The increased cover will ensure that the foreign and rupee export credit interest rates for exporters are between 4 percent and 8 percent.
Piyush Goyal, Union Minister of Commerce & Industry in Delhi: Export Credit Guarantee Corporation of India (ECGC) has introduced a new scheme called NIRVIK to enhance loan availability for exporters & ease the lending process. pic.twitter.com/pRCBYuuIw4
— ANI (@ANI) September 16, 2019
Salient features of NIRVIK Scheme: –
- Up to 90% of principal and interest will be covered under insurance.
- The increased cover will ensure that the interest rate of foreign and rupee export credit for exporters is between 4 percent and 8 percent.
- Insurance cover will include both pre and post shipment credit.
- Compared to the Non-GJD sector borrowers in this category due to the high loss rate in the field of gemstone jewelery and diamonds (Gems, Jewelery, Diamond – GJD) above the borrowers with a limit of more than Rs 80 crore under the Export Credit Development Scheme. There will be a higher premium rate.
- The premium rate will be 0.60% pa for accounts with limit of less than Rs 80 crore and 0.72% per annum for those with moderately over Rs 80 crore.
- This makes the inspection of bank documents and records by ECGC officials mandatory for losses of more than Rs 10 crore against the current Rs 1 crore.
- Banks will pay ECGC a premium on monthly principal and interest as the cover is being offered for both arrears.
NIRVIK Scheme Details
| Name of the Yojana | NIRVIK Scheme |
| Approved by | Government of India |
| Announced by | Finance Minister Nirmala Sitharaman |
| Published Date | 14th September 2019 |
| Details Shared By | Piyush Goyal |
| Announced Date | 16th September 2019 |
Documents Required For NIRVIK Scheme
The candidate has to submit certain documents along with the NIRVIK application form.
All the business documents of the candidate All the bank details government identity proof
How to Apply for NIRVIK Scheme?
Exporters can apply for the NIRVIK Scheme through its official website. The central government will launch the website very soon for the candidates. Through this, they can find the NIRVIK application form and can check the details about the scheme. For more projects, related updates and information, check our website regularly. We will notify you when the site launched.
NIRVIK Contact Details
For more information and updates, the candidate can also check the below link.
Export Credit Development Scheme 2019 – Need
The country’s trade deficit reached the highest level in six months in June. According to government data, the trade deficit increased by $ 120 million over the previous year.
In May, exports of products from the country had increased only four per cent to the level of three thousand million dollars (Nirvik Loan Scheme). There was an increase of 4.3 percent in imports. The trade deficit was $ 1420 million last year, which increased to $ 1540 million in May this year. Therefore, to increase exports, the government has announced the Export Credit Development Scheme.
The premium rate will be 0.60 per year for accounts with a limit of less than Rs 80 crore and Rs 0.72 per year for those with moderately over Rs 80 crore.