If you're in need of a Fonacot loan, you can schedule an appointment to submit your loan application.
FONACOT, the Instituto del Fondo Nacional para el Consumo de los Trabajadores, is the institution responsible for providing loans to formal workers in Mexico. Here's a guide to help you understand the general requirements and loan amounts for FONACOT credits.
Loan Amounts
Typically, the loan amounts offered by FONACOT vary depending on the worker's salary and repayment capacity. Loans usually range between approximately 1 to 3 times the monthly minimum wage salary, sometimes reaching up to around MXN 30,000 or more for eligible workers. For those earning minimum wage, loans tend to be on the lower side of this range.
Requirements to Process a Fonacot Credit
To be eligible for a FONACOT loan, you must meet the following criteria:
- Be a formally employed worker registered with the Mexican Social Security Institute (IMSS).
- Have a minimum length of employment (usually at least one month).
- Present official identification (INE/IFE).
- Provide proof of address and proof of income or employment.
- Employer participation is required because the loan repayment is typically deducted directly from the worker's paycheck.
Applying for a FONACOT Credit
If you want to apply for a FONACOT loan, you'll need to:
- Be over 18 years old.
- Receive income starting from the minimum wage in the central zone and onwards.
- Obtain a pre-registration folio at this link.
- Have a personal email.
- Be a client of FONACOT or have a pre-registration folio to generate an online appointment.
- Ensure you don't have a scheduled appointment in the "ACTIVE APPOINTMENT" state or with a date that has not yet passed.
- Work at a workplace that is affiliated with FONACOT.
- Arrange your appointment through the website, WhatsApp, or telephone assistance.
- Have a cell phone number for validation during the appointment.
- Maintain a minimum seniority of 6 months in your current job.
- If your economic perception is the minimum wage, the maximum amount that can be provided by FONACOT is approximately 33,920 pesos.
It's essential to note that for precise loan amounts and up-to-date requirements, checking the official FONACOT website or contacting FONACOT directly is recommended, as details can vary or be updated.
FONACOT promotes access to financing and savings for Mexican employees, providing loans for the acquisition of goods and services. To access a loan from FONACOT, an appointment is necessary. A new reservation may have a waiting time of up to 15 days.
If there's a delay in arriving for the appointment, it's recommended to reschedule through the website. For temporaries, the maximum absence between each job is 5 working days. The date of birth must match the one registered with FONACOT or in the pre-registration process.
In summary, FONACOT offers loans to formal workers in Mexico, with loan amounts and requirements varying based on the worker's salary and employment status. To apply for a FONACOT loan, you'll need to meet specific criteria, obtain a pre-registration folio, and arrange an appointment. For the most accurate and up-to-date information, check the official FONACOT website or contact FONACOT directly.
Personal-finance management is crucial for eligible workers seeking FONACOT loans as the loan amounts offered are typically between 1 to 3 times the monthly minimum wage salary, with the maximum amount being approximately 33,920 pesos for those earning minimum wage. To secure a business loan from FONACOT, one needs to follow the requirements such as being a formally employed worker, registering with the Mexican Social Security Institute, and providing proof of address, income, and identification, among others.
