As part of the support for workers who are having economic difficulties during the pandemic, the National Fund for the Consumption of Workers (Fonacot) will grant 300 thousand credits with a minimum interest rate. Each loan will be for 10 thousand pesos, and can be repaid in 33 months. Read Are you paying a Fonacot credit? Present their Relief Plan

In addition, the monthly payments will be 360 ​​pesos and there is a three-month grace period, that is, they will begin to pay from the fourth month of receiving the appeal. The Crédito Apoyo 10 thousand program is aimed at formal workers with the objective of providing them access to financing with better conditions, due to the health emergency derived from COVID-19, to generate financial protection against the economic impact of the pandemic. Fonacot has a bag of 3 billion pesos to support workers.

According to INFONACOT, the Total Annual Cost (CAT) of this new loan is 10%, which places it as the cheapest payroll loan on the market, according to the Credit Simulator of the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

Read Infonavit supports 60 thousand in mortgage payment

Read IMSS: how long can you request the loan for 25 thousand pesos

According to their figures, over 3 years the financial cost of Fonacot credit is $ 1,888, while the second best option available in the market requires paying $ 6,517, that is, 3.4 times more.

What is needed if a credit is being processed for the first time

Alberto Ortiz explained that workers who will process a credit with the Fonacot Institute for the first time must register on the portal in the Credit Application section within Online Services.

You will have to register a series of data that includes:

Worker’s full name
 Place of birth
 RFC with Homoclave
 Type of social security (IMSS, ISSSTE, etc).
 Social Security number and identification number

Once registered, they can make an appointment on the same portal or through the phone 800 Fonacot (366 2268). Workers who have already processed credit with Fonacot can proceed directly to schedule an appointment.

The credit is available to all the workers of the centers who have completed their affiliation to the Fonacot Institute, which they can do online through the portal in the section Affiliation of Work Centers within the section of Companies in Online Services. The requirements are to be of legal age, with a minimum length of one year in the current job and a permanent position. For current borrowers, it is required to have a salary discount capacity and to have been up to date with payments until March 2020. For more questions, you can enter the Fonacot portal.