Fonacot’s “Effective Women Credit” is an option for formal working women who seek to improve their quality of life and that of their families.
MEXICO CITY.-The National Fund for Workers’ Consumption Institute (Fonacot) has a special credit program called “Effective Woman Credit”aimed exclusively at formal working women in Mexico. This loan aims to help women protect and grow their assets, allowing them to acquire durable consumer goods and, in this way, improve their quality of life and that of their families.
Features and benefits of the Cash Woman Credit
The “Crédito Mujer Efectivo” offers several features and benefits designed to support formal workers:
- Preferential interest rates: Rates vary depending on the applicant’s level of debt and the term of the loan, offering competitive options in the market.
- Flexible terms: Applicants can choose between 6, 12, 18, 24 or 30 month terms, depending on their payment capacity and preference.
- No opening fee: There is no commission charged when opening the loan, which reduces initial costs for beneficiaries.
- Own account deposit: The credit is deposited directly into the employee’s bank account, facilitating access to the funds.
- Payment via payroll: The loan is repaid directly through payroll deductions, which simplifies the repayment process.
- Credit Insurance: Includes insurance that covers the loan in the event of job loss, death, or total and permanent disability (equal to or greater than 75%).
Calculation example for a loan of 30 thousand pesos
Let’s suppose that a worker requests a loan of 30 thousand pesos. The amount to be paid will depend on the term and the level of indebtedness selected. Below is an example of calculating the monthly payments for each available term:
- Term of 6 months
- Debt level 10%: Annual fee 8.90%, CAT 17.2%
- Approximate monthly payment: $5,228.87
- Debt level 15%: Annual fee 12.11%, CAT 21.7%
- Approximate monthly payment: $5,298.93
- Debt level 20%: Annual fee 12.38%, CAT 22.0%
- Approximate monthly payment: $5,307.33
- Term of 12 months
- Debt level 10%: Annual fee 12.85%, CAT 22.3%
- Approximate monthly payment: $2,686.91
- Debt level 15%: Annual fee 13.17%, CAT 22.7%
- Approximate monthly payment: $2,696.98
- Debt level 20%: Annual fee 13.96%, CAT 23.8%
- Approximate monthly payment: $2,726.00
- Term of 18 months
- Debt level 10%: Annual fee 13.69%, CAT 23.2%
- Approximate monthly payment: $1,839.60
- Debt level 15%: Annual fee 13.96%, CAT 23.6%
- Approximate monthly payment: $1,846.43
- Debt level 20%: Annual fee 14.48%, CAT 24.3%
- Approximate monthly payment: $1,862.21
- Term of 24 months
- Debt level 10%: Annual fee 15.01%, CAT 24.9%
- Approximate monthly payment: $1,452.15
- Debt level 15%: Annual fee 15.27%, CAT 25.3%
- Approximate monthly payment: $1,458.12
- Debt level 20%: Annual fee 15.79%, CAT 26.0%
- Approximate monthly payment: $1,472.36
- Term of 30 months
- Debt level 10%: Annual fee 15.27%, CAT 25.2%
- Approximate monthly payment: $1,210.63
- Debt level 15%: Annual fee 15.79%, CAT 25.9%
- Approximate monthly payment: $1,221.28
- Debt level 20%: Annual fee 16.27%, CAT 26.6%
- Approximate monthly payment: $1,230.45
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Requirements to apply for credit
To apply for the “Cash Woman Credit”, it is necessary to meet the following requirements:
- Work center affiliated with Fonacot: The place where you work must be registered and affiliated with Fonacot.
- Be over 18 years old: You must be of legal age.
- Minimum age of 6 months: You must have been in your current job for at least 6 months. In the case of temporary jobs, up to 5 working days of leave are allowed between each one.
- Cell phone number and email: These will be used to validate your request.
- Personal references: You must provide two personal references with telephone numbers.
- Receive income of at least one minimum wage: The minimum income required is one minimum wage in the central zone.
Necessary documentation
When making the application, it is necessary to present the following original documentation:
- Current official identification: Credential to vote or passport.
- Bank statement: With your full name and interbank CLABE, no older than 3 months.
- Recent proof of address: No more than 3 months, with options such as water, electricity, telephone bills, among others.
- Last 4 consecutive pay stubs: To verify income, the last one must not be more than 15 days old.
How to process the Cash Woman Credit
The process to process the credit is simple:
- Please verify that you meet the requirements: Make sure you have all the documentation and meet the requirements mentioned.
- Go to a Fonacot branch: Bring all your original documentation to the nearest branch.
- Complete the procedure: An advisor will guide you through the process and validate your application.
- Receive your credit: Once approved, the loan will be deposited into your bank account and you will be able to access the money immediately.
- Payment via payroll: Payments will be automatically deducted from your salary, depending on the chosen debt level.
