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Tata Capital > Blog > Loan for Business > NIRVIK Scheme: Meaning, Documents, Process & More

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NIRVIK Scheme: Meaning, Documents, Process & More

NIRVIK Scheme: Meaning, Documents, Process & More

India ranks among the world’s leading exporters in a number of segments, including petroleum products, automobiles, bio-chemicals, cereals, and iron and steel. According to the latest World Bank data, exports contribute 18.43% of India’s Gross Domestic Product (GDP).

In 1957, the Central Government set up the Export Credit Guarantee Corporation of India (ECGC) to support and promote exports from the country. Over the years, the ECGC has launched a number of credit insurance schemes to enable exporters to get the required credit for operating exports from the country.

One such scheme - the NIRVIK scheme- aims to ease the access to credit for exporters, especially those who operate on a small scale.

What is NIRVIK Scheme?

The NIRVIK Scheme (Niryat Rin Vikas Yojana)was launched during the FY 2020-2021 Union Budget by Finance Minister Nirmala Sitharaman with an aim to boost exports. Under this scheme, small-scale exporters are provided with high export insurance coverage at reduced premiums.

For exporters with credit limits of less than Rs. 80 Crore, the premium rates stand at 0.60 per cent per annum. And, for exporters working with a credit limit of Rs. 80 Crore and more, the premium rates stand at 0.72 per cent per annum.

Under this scheme, the government provides insurance coverage of up to 90% of both the pre and post-shipment credit (including both the principal amount and the interest rate) taken by the exporter.

By extending export credit insurance, the government aims to keep the Foreign Export Credit Interest Rate at less than 4% and the Rupee Export Credit Interest Rate below 8% for exporters.

Moreover, small business loans are also offered to exporters at an interest rate of 7.6% per annum to help them meet their credit requirements.

Eligibility Criteria Under the NIRVIK Scheme

Exporters need to fulfil the below-mentioned eligibility criteria to enjoy the export credit insurance at reduced premiums under the Niryat Rin Vikas Yojana scheme -

1.     Only Small Exporters Can Avail Benefit Under the Scheme

Only small exporters are eligible to register and avail of benefits under this scheme sponsored by the Central Government.

2.     Only Export Businesses Owned by Indians Are Eligible

Under this scheme, only those small export businesses that are owned by Indian nationals can register. Small export businesses owned by foreign nationals cannot avail of any benefits under this scheme.

3.     Up to Rs. 80 Crore Bank Limit

Only those small Indian exporters whose bank credit limit does not exceed Rs. 80 Crore can avail of the benefits of low insurance premiums under this scheme.

Application Process Under the Niryat Rin Vikas Yojana

In order to apply under this scheme, a small exporter needs to submit an online application to the Ministry of Commerce along with some supporting documents.

List of Documents Required for Registration Under the Scheme

In order to get their small export business registered under this scheme and to avail of the benefits of high export credit insurance at low premium rates, business owners need to submit the below-mentioned documents to the Commerce Ministry of India -

1.      Registration Documents of the Business

The exporter is required to submit all documentation relating to the registration of the business. This includes their certificate of incorporation, their export license and other documents which can help ascertain that the business is registered with the government through a legitimate process.

2.      GST Certificate

The exporter is required to submit their Goods and Services Tax (GST) certificate to the government.

3.      Corporate PAN Card

Another important document which must be submitted by small exporters is the business PAN card issued to them by the Income Tax Department of India.

4.      Business Owners’ ID Proof

Whether a sole proprietorship or a partnership, the business is required to submit the identity proof of its business owners. For this, they can submit their Aadhaar Card, PAN Card, Voter ID, or Passport to prove their nationality and other personal details.

5.      Loan Certificate Issued by the Financial Institution

If the small exporter had applied and received credit or a loan from a financial institution or commercial bank earlier, then they must submit the loan certificate and other loan-related documents to the ministry.

6.      Insurance Documents

It is also compulsory for the applicant to submit all insurance policy documents which they may have in the name of the business.


This export credit insurance scheme is highly beneficial for small exporters who might find it difficult to get loans from commercial banks and other financial institutions. However, with the credit insurance from the Central Government itself, they can keep such hassles at bay. If you are looking for business credit, you can apply for a business Loan at Tata Capital of up to Rs. 75 Lakhs from interest rates starting from 19%.

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