Requirements for FONACOT Credit – Credit Procedure

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More and more people are carrying out the procedures to request the credit that can change your life, you can acquire it in cash or transfer by going to one of the locations located throughout the national territory.

Processing this credit is easy, fast and simple, take advantage of the lowest interest rates and optimize your resources by paying in comfortable installments according to your payroll income. Below we present the Requirements for a loan in Fonacot and improve your financial situation.

Requirements for Fonacot Credit

  • You must be of legal age (18 years).
  • Have a permanent job for at least one year.
  • The employer of the place where you work or work center must be affiliated with Fonacot.
  • Submit a contract for an indefinite period.
  • Submit a minimum of two (2) personal references.

Documentation to Submit (original and copy)

  • Valid Official Identification: You must include a photograph, this can be the popular voting credential or the passport.
  • Proof of address: The proof of address must include the name and be valid for no more than two (2) months from the date on which the credit is requested, thus only taking the invoice corresponding to the last month or immediate two-month period.

The proof of address can be from the following services: Predial, Water Service, Landline or mobile phone bill, Electricity Service, Bank Account Statement, Voting Credential (current);

Also Proof issued by the Federal Authority, last Afore Account Statement, Cable or Satellite Television Receipt, Account Statement of a commercial house, Natural or stationary Gas Receipt and Discount Withholding Notice.

  • Payslip: Submit the last four (4) payment receipts or invoices related to payroll, issued by the entity in which you work or the employer in charge.

If the payment is made on a monthly basis, the last receipt must not exceed 31 days from the last payment date and if it is paid weekly or fortnightly, it cannot exceed sixteen (16) days.

In case of having an income from commissions, the last four (4) payroll receipts must be entered where the same is earned.

  • Last Bank Statement: Also called summary of movements, it must be found in the applicant’s name and indicate the «Standardized Bank Code» (the funds will be deposited in this account if the credit is approved).

Requirements to Renew FONACOT Credit

If you have previously applied for the Fonacot credit, know the steps you must take to renew it and continue receiving this financial support, the requirements to continue with said credit are:

  • Solvency of Payments: To carry out the renewal of the Fonacot credit, it is necessary to be solvent in terms of past loan installments, paying each of them on time.
  • Active Staff: You must be active in the entity to be able to request the continuity of the credit and thus be able to assume new commitments that require capital.
  • Minimum payment: The minimum payment canceled at the time of renewal is 25%, that is, at the time of requesting renewal, at least 25% of the granted capital must have been paid.

Fees Canceled to Request Renewal

In relation to the number of installments that must have been paid for the renewal of the credit, we can highlight that:

  • For the continuity of a credit granted by 6 months must have met the minimum payment of two (2) installments
  • For credits of 9 months a total of at least three (3) installments paid.
  • If the loan is one year 25% corresponds to the cancellation of at least four (4) installments.
  • For a period of year and a half cancellation is required six (6) installments As minimum.
  • If it’s from two years the loan requires eight (8) installments canceled
  • And lastly, for the renewal of loans granted 30 months must pay a minimum of ten (10) installments.

In addition, as essential requirements to process the renewal of the Fonacot credit, the current identification, the proof of address, the last four (4) payroll receipts and the last bank account statement must be presented.

What is Fonacot?

The Institute of the National Fund for Workers’ Consumption (Fonacot) represents a financial institution in Mexico which has the purpose of providing support to Mexican citizens through the granting of loans that serve as support for the acquisition of goods and services by workers at competitive market rates.

You may also be interested in our article on: “Requirements for Elektra Credit“

Interest rates

The interest rates granted in the Fonacot credit It will depend on the term established in the loan. and the percentage points of the salary received by the worker, in general, the annual rates corresponding to each term were established as follows:

  • in loans from 6 months the annual rate applied will be from 20% to 20.9%.
  • If the loan has a term of 9 months the rate will be from 20.9% to 21.8%
  • For loans of one year The applied rate corresponds between 20.9% and 23.6%
  • In case the loan is 18 months the rate is 23% to 24.5%
  • For two years of loans the annual rates were established from 25.3% to 26.7%
  • For loans of 30 months from 25.8% to 28% interest.

How is the FONACOT credit?

To process the credit you should go to the nearest office once you have all the necessary requirements for Fonacot, explained above.

The documents are delivered to the personnel in charge so that they can review and analyze them.

Then, it only remains to wait for the communication of the results taken by the Fonacot staff regarding the conditions that the requested loan will have.

Does FONACOT review the Credit Bureau? find out in this article.

The Fonacot credit allows the country’s workers to have growth and development in the patrimonial fieldthrough the financing that it grants and allows obtaining goods and services that optimize their quality of life.

The amount that can be granted in the loan is equivalent to three (3) times the salary that the person earns as a worker.

Do not miss the opportunity to process a loan and know the simple steps you must follow to acquire the capital you need.

The Institute of the National Fund for Workers’ Consumption (Fonacot) is a financial institution of the Mexican government, created with the purpose of supporting the acquisition of goods and services by workers at competitive market rates.

Finally, we highlight the ease of receiving the loan by complying with the requirements for Fonacotrepresenting an excellent cost-benefit ratio for the economic progress of each Mexican citizen.

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