The Institute FONACOTin its objective of supporting the worker, offers the Cash Credit as an option to obtain liquidity immediately, allowing users to improve their quality of life, that of their families, as well as face unexpected payments.
This type of credit has a series of characteristics and benefits that make it attractive to workers, including preferential interest rates and payment terms ranging from 6 to 30 months.
The credit can be made available through a deposit in the applicant’s bank account and payment is made through payroll discounts.
An additional benefit is credit insurance, which covers the contingencies of job loss, death, disability or total and permanent disability, as long as these are greater than 75%. This type of insurance provides peace of mind to the worker and his family, in case of unforeseen events.
Interest rates
It is important to mention that interest rates vary depending on the level of indebtedness, which is determined based on the worker’s income and the number of credits he has in FONACOT.
Interest rates range between 12.53% and 17.23% per year, depending on the term chosen.
Renewal of cash credits
One of the advantages that FONACOT offers its clients is the possibility of renewing the balances of current cash credits, which makes it possible to reduce the amount of the monthly payment and free up discount capacity, opening the possibility of requesting new cash credits.
In order to renew a credit in cash, it is necessary to meet certain requirements, such as being up to date with payments, being active in the company, not having exercised coverage for job loss and having paid at least one third of the term of the loan. credit granted.
It is important to mention that the renewal of the credit does not imply the payment of additional commissions and the renewal term may be the same or less than that of the original credit.
Required documentation
Among the documents required to obtain the credit in cash are the current identification, proof of address, the last four payroll receipts and the last bank account statement in the name of the applicant, which must have an interbank CLABE and be valid. maximum of three calendar months.
In addition, it is necessary to check with the bank if there is any deposit limit in the bank account, since this may affect the receipt of credit.
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