One of the best alternatives for the access to credit that Mexican formal sector workers have is through the Institute of the National Fund for Workers’ Consumption, better known as Fonacot.
Now, one of the most frequent doubts that formal sector workers have in relation to the credits granted by the Institute of the National Fund for Workers’ Consumption (Fonacot) is How much is the maximum that it gives?.
In this sense, according to the official Fonacot website, The maximum credit that the Institute grants to workers in the Mexican formal sector is equivalent to 4 months of salary.
However, as detailed in the previously mentioned web portal, for define the maximum amount that will be given to a worker, Fonacot takes into account the following points:
*The total of fixed, permanent and cash earnings that appear on your pay slip.
*The total deductions that appear on your pay stub.
*The length of service at your workplace.
*The monthly payment capacity that you have as a result of the analysis of your payroll receipt (income less deductions).
*The discount capacity you want to be applied to your monthly salary (10%, 15% or 20%).
*The result of the qualification of your Work Center, carried out by the Institute.
*The selected term of your credit.
*The result of your payment history being consulted with a credit information company.
Requirements and documents
The requirements to apply for a loan from Fonacot, according to the official website of the organization, are the following:
*Work Center affiliated with Fonacot.
*Be over 18 years of age.
*Minimum seniority of 6 months in your current job (for temporary workers in two or more Work Centers with a maximum of 5 working days of leave between each one).
*Cell phone number for validation call at the time.
*2 personal references with telephone number.
*Personal email.
*Receive income from a minimum wage in the central zone onwards.
In addition to this, the following documents must be presented when requesting a Fonacot loan:
*Current official identification with photograph and signature (INE credential or passport).
*Account statement, list/summary of transactions or account opening contract sheet (no older than 3 months) with your full name and the interbank CLABE (18 digits).
*Proof of address with recent date (no more than 3 months).
*Last 4 consecutive pay stubs issued by your Work Center to prove income. The last one must not have been issued more than 15 days prior to your application.
It should be noted that to apply for a loan you have to make an appointment on the official Fonacot website and go to the agreed place on the established date with the following: documents:
*Current official identification with photograph and signature (INE credential or passport).
*Account statement, list/summary of transactions or account opening contract sheet (no older than 3 months) with your full name and the interbank CLABE (18 digits).
*Proof of address with recent date (no more than 3 months).
*Last 4 consecutive pay stubs issued by your Work Center to prove income. The last one must not have been issued more than 15 days prior to your application.
In addition, the following can also be requested:
*Proof of seniority from the Work Center.
*Letter or official document from the Work Center confirming permanent fixed cash payments.
*Letter or official document indicating the keys and concepts of perceptions and/or deductions.
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