In 2024, the Fonacot Institute celebrates its 50th anniversary by offering cash loans with the most competitive interest rates on the market to workers with formal employment in Mexico.
These credits are designed to facilitate the purchase of goods and servicesas well as to handle unforeseen events and unexpected payments, providing financial respite at crucial times.
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Requirements to apply for the Fonacot credit:
- Company Affiliation: Make sure that the company where you work is affiliated with the Fonacot Institute.
- Minimum age: Being over 18 years.
- Labor Old: Have at least six months of seniority in the current job. For temporary workers who alternate between two or more companies, they must not have had more than five business days without employment between each position.
- Telephone contact: Provide a cell phone number to make a validation call.
- Personal references: Present two personal references, both with validated telephone numbers.
- Email: Have a personal email account.
- Minimum income: Receive income equivalent to or greater than a minimum wage.
Documentation to request a Fonacot credit:
To formalize your credit application, you must go to the Fonacot branch closest to your home and present the following documentation:
- Official ID: A valid official identification with a photograph and signature, such as your voting ID or passport.
- Documentation for foreigners: If you are a foreigner, it is necessary to present the Permanent Resident Card.
- bank statement: An updated account statement from your bank, no older than three months, showing your full name and the interbank CLABE.
- Proof of address: A recent proof of address (no older than three months) which can be a bill for services such as water, electricity, gas, telephone, Internet, or cable television, as well as a bank or AFORE account statement.
These requirements and documents are basic to ensure that workers can access the credits offered by Fonacot under favorable conditions, and guarantee that the process is transparent and accessible to those seeking financial support through this institution.
Credit conditions and amounts:
He The amount of credit granted can reach up to four months of the applicant’s salary.based on several criteria such as the total of fixed and permanent payments and deductions reflected in the payroll, seniority in employment and monthly payment capacity.
He discount rate applicable to the monthly salary can be 10, 15 or 20%, depending on the worker’s choice.
The Institute also conducts a credit evaluation through credit information companies to determine the viability of the credit.
The deadlines for the credit amortization They can be 6, 12, 18, 24 or 30 months, benefiting from a significantly reduced interest rate that has gone from a CAT of 43.5% in 2018 to only 25.5% today.
Options in case of unemployment:
Fonacot is aware of the difficulties that those accredited in unemployment case. Therefore, it offers flexible schemes for payment restructuring.
He 70/30 plan allows you to settle 70% of the debt in a single payment, with a 30% discount on the balance and forgiveness of interest.
For those who have lost their job and wish to restructure their debt, the 20/20/20 planwhich offers 20-month interest-free restructuring, with a 20% discount for each timely payment.
Finally, the 50/50 plan It is designed for those who have not made payments for more than three years, allowing them to settle their debt with a 50% discount.
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