Icetex Introduces Income Contingent Payment (PCI) Modality for Credit Grants

Icetex announced this Saturday that it will be able to grant the first 1,000 credits of the modality of the Income Contingent Payment (PCI).

For his part, the president of Icetex, Mauricio Toro, pointed out that “we will gradually be migrating towards this model so that more Colombians can benefit from it. The scheme portrays a more human credit, with better conditions that respond to the real needs of the beneficiary; that is, a social credit“.

The mechanism is aimed at new credit beneficiaries, who will have a deduction and withholding proportional to their income as long as the person earns more than a current legal monthly minimum wage (SMMLV). This proportion will not exceed 20% of your monthly income.

Also read: Icetex’s response to the Comptroller for irregularities in credit renewal

Beneficiaries who do not have a job or receive an income equal to or less than a minimum wage must not make any payment, They will not be in arrears with their credit, nor will they be reported in information centers.

The credit amortization period will be for a maximum of 20 years, after finishing the financed studies. If at the end of this period the debt has not been paid in full, it will be understood as terminated.

The mechanism, which also does not require a co-signer, is established through the deduction and direct withholding of the income of the beneficiaries withdrawing procedures to the beneficiaries to transfer them to their employers.

Also read: Development Plan: The changes that are coming for the beneficiaries of Icetex

Currently, Icetex is carrying out a technical regulation process with Dian for the implementation of the collection monitoring system of this PCI mechanism.

In this way, “Icetex becomes a more human entity that offers social credit that seeks to accompany Colombians from all regions of the country in the fulfillment and development of their life projects,” said the president of the entity.