Nirvik Yojana, also known as Nirvik or Export Credit Development Scheme (Nirvik Scheme 2023), is a special scheme that helps small businesses that export goods from India. This makes it easier for these companies to get loans. The system also protects the interests of exporters. Nirvik Scheme 2023 was announced by the Finance Minister in February 2020.
Nirvik Yojana 2023
The government launched this scheme to promote exports from India and help small businesses grow. Under this scheme, exporters can get insurance coverage up to 90% of the principal and interest. The Ministry of Commerce is working on this scheme to support small exporters and give them more money. This scheme is set up by a group called Export Credit Guarantee Corporation of India (ECGC).
Objective of Nirvik Yojana 2023
- This gives exporters a high assurance to grow their business.
- This system helps small exporters who pay less for their insurance.
- In this system, the government gives ECGC a 60 percent credit guarantee to exporters in case of losses.
- This scheme covers a maximum of 90 percent of the principal and interest.
- The system has higher loan payments so that small exporters can export at a higher level.
- In this system, an easy way to get money has been made so that the exporters can do their work easily.
- The new cap will ensure that export rates of foreign and rupee export loans range from 4 percent to 8 percent.
| Scheme Name | Nirvik Scheme 2023 |
| Start Date | 1 Ferbruary, 2020 |
| Objective | Loan and Insurance benefits for Small Exporters |
| Beneficiary | Small Exporters |
| Announcement Date | Finance Minister Dr. Nirmala Sitaraman |
| Budget | 9.57 Crore Rupees |
| Scheme Status | Not stated yet |
| Official Website | https://www.india.gov.in/ |
Features of Nirvik Scheme 2023
The scheme is also known as Export Credit Insurance Scheme (ECIS). It will provide higher insurance cover for exporters and reduce premium for small exporters.
You can easily borrow money from major banks under this scheme which ensures that applying for a business loan has become easy.
Small exporters can avail business loans at an interest rate of 7.6% per annum.
This government-run scheme is helping small exporters to pay back by covering 90% on both the principal amount and the interest amount.
The amount to be paid for insurance under this scheme has been reduced from 0.72 percent to 0.60 percent.
Once started, this scheme will continue for 5 years.
The Government of India (GoI) has introduced both pre- and post-shipment credit insurance cover primarily to increase export production.
Export Credit Development Scheme helps those who borrow money for their business. If someone takes a loan of more than Rs 80 crore and has high losses in the Gems, Jewelery and Diamonds sector, they will have to pay a higher price for insurance.
Benefits of Nirvik Yojana 2023
- Insurance cover will bring down the cost of credit due to the need of the exporters.
- Under this scheme, exporters will be able to get funds easily.
- It brings in high liquidity due to instant claim settlement and continuous access to working capital for export production.
- This scheme will help in making Indian exports competitive in the national and international markets.
- It seeks to reduce insurance costs and tax reimbursements to increase productivity and credit credit.
- The scheme ensures that the international and national exchange rates remain below 4% and 8%.
- Under this scheme, exporters can expand their small scale business on a large scale.
- This plan poses the least risk of non-payment.
Nirvik Yojana 2023 Eligibility
- In this scheme only small exporters are eligible to apply and get benefits under this centrally sponsored scheme.
- Indian citizens doing export business can consider applying for this scheme.
- Individuals whose bank account limit is less than Rs 80 crore, they will be able to take advantage of the low premium rate under this insurance scheme.
Documents for Nirvik Scheme 2023
- Business Registration Documents
- Business PAN Card
- GST Certificate
- Bank Loan Certificate
- Identity Proof
- Insurance Documents
Application for Nirvik Scheme 2023
The date for the launch of NIRVIK scheme has not been announced yet. In such a situation, exporters cannot apply and cannot get the benefit of this scheme, its information is not yet known.
When you know about the eligibility of NIRVIK scheme, you would also like to know about the documents required for hassle free application in future.
Conclusion
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