ECGC provides a variety of credit risk insurance plans to protect Indian exporters against losses suffered during the export of their goods and services. Export Credit Insurance is also provided to banks and other financial institutions, allowing exporters to obtain better services from them.
ECGC is primarily an export promotion agency that aims to increase the competitiveness of Indian exports by providing credit insurance. To fulfil the needs of commercial banks offering export credit, the Corporation has created a variety of export credit insurance plans.
ECGC is the world's fifth largest credit insurance firm dealing with exports. The Export Credit Guarantee Corporation of India provides insurance against importer nonpayment. Financial institutions are better positioned to lend and provide larger credit to exporters because of this insurance coverage.
ECGC provides banks with a variety of guarantees, including:
Guaranteed Packing Credit
Guarantee of Export Production Finance
Credit Guaranteed After Shipment
Guarantee for Export Finance.
Guaranteed Export Performance.
Guarantee for Export Finance (Overseas Lending).
Risks that are covered by commercial insurers are not covered by ECGC. Exporters can implement a complete programme that protects them from both commercial and political dangers. Depending on the requirements, the exporter might choose just policies that cover political risks.
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