Mexico City.- The Institute of National Fund for Workers’ Consumption (Fonacot) was created with the purpose of making it easier for workers to acquire credits in cash, for household appliances and other devices. Requesting it is very easy, here we tell you How is it processed and what are your interests?
What is Fonacot?
The institute was created by presidential decree on May 2, 1974, with the objective of granting credit and other financial services for the acquisition of goods and services that contribute to raising the standard of living of workers.
On April 24, 2006, the figure of the trust was transformed into the Law of the Institute of the National Fund for Workers’ Consumption. The first article of this law establishes the infonacot as a decentralized public body of social interest sectorized in the Ministry of Labor and Social Prevention, with legal personality and its own assets and budgetary self-sufficiency.
How to get a Fonacot loan?
To have your Fonacot credit in cash, through a transfer to your bank account, with the lowest interest benefits on the market and with the convenience of paying it by payroll. Ideally, check if you have a bank deposit limit to avoid setbacks in your process.
Among the requirements that you must present are a valid official identification with a photograph (voter ID or passport); proof of address in your name for the current or immediately preceding month or two months; and the last four payroll receipts issued by the work center (patron).
Other requirements are:
- Minimum age of 18 years
- You must have a minimum of one year experience in your current job.
- Your Work Center (Employer) or company must be affiliated with FONACOT.
- Have a contract for an indefinite period or plant.
- Have two personal references.
- Personal cell phone number.
- Proof of address in your name, in original, for the current or immediately preceding month or two months.
- Official identification with photograph and signature (INE or valid passport).
- Debit card account statement in your name (with a maximum validity of 3 calendar months and must have interbank Clabe). Your Bank that should not have a limit amount for deposits, because your credit could not be deposited.
- 4 last payroll receipts (consecutive and that the most recent is within 15 days)
- Proof of seniority by the Work Center.
- Letter or Official Letter from the Work Center confirming permanent fixed earnings in cash.
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How much does Fonacot lend?
The Fonacot credit usually varies between 3,000 to 44,000 pesos. According to the Fonacot page, the maximum interest rate is 16.7 percent, while the CAT is 27.4 percent.
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