Credit Fonacot: what do I have to pay monthly for a loan of 15 thousand pesos

he is Institute of the National Fund for Workers’ Welfare (Fonacot) is one of the other financial options for Mexican workers who want to acquire goods or real estate. However, it is important to consider that the credit should not exceed your income.

This government institution providing loans to employees in the public and private sectorwhile their companies are affiliated with the institute. These credits can be a solution for those who need to settle debts or buy essential items.

When you apply for a loan with Phonacotit is essential to consider that the amount should not exceed the applicant’s monthly income. In addition, it is important to ensure that you have enough resources to meet the monthly payments.

The credits offered by Fonacot start at $15,000 pesosa manageable amount for minimum wage earners, which makes it easier to negotiate. However, it is important to consider the interest rate you will have to pay for the first loan.

It is important to know the interest rates of Fonacot before applying for credit from the institution. In addition, to pay off your debt, it is important to consider the period for which you will be paying the interest.

Fonacot interest rates vary between 10% and 20%, and added to the amount you ask for. For a loan with a debt ratio of 15%, the annual rate is 14.78%, and the total annual cost (CAT), which includes interest and other costs such as insurance, is 24.7%.

For example, if the first loan of $15,000 pesos is requested for 18 months without interest, with an annual rate of 14.78%, the monthly payment would be approximately $1,000 pesos. At the end of this period, the total paid would include the first $15,000 pesos and $3,000 pesos in interest.

To get started you must have the following general requirements:

• Be part of a workplace connected to Fonacot
• Be of legal age (18 years)
• Have at least 6 months of experience in your current job
• Mobile phone number
• Two personal references by phone
• Email
• Income from minimum wage

The documents you need to deliver must be original and are: Current identity with photo and signature; bank statement; proof of address and the last 4 consecutive payment receipts.