• Mon. Feb 26th, 2024

Fonacot Dispels Stereotypes: More Than Just Furniture Loans

ByEditor

Feb 13, 2024
Fonacot’s Low Payroll Credit Rates are Attracting New Clients Daily

As part of the 50th anniversary celebration of Fonacot, Salvador Gazca Herrera, general commercial coordinator of the institute, outlined its objectives. One of the primary goals is to dispel the notion that Fonacot is only an institution for purchasing furniture. Instead, he emphasized that the loan can be used for any purpose.

In recent years, Fonacot has seen a significant decrease in the total cost of credit by 18.2 percentage points, even during a time when high reference rates are maintained by the Bank of Mexico (BdeM). This growth in credit has been evenly distributed throughout the country and is not limited to purchasing furniture. According to Gazca Herrera, 59 percent of loans are granted to individuals whose income does not exceed two minimum wages.

Another objective of Fonacot is to eliminate the perception that it is only an institution for buying furniture. To address this need, a new application with more features will be available within one month to better serve clients who already have a loan. Currently, 70 percent of clients have a loan, while 30 percent are new. An increase in technology investments has allowed each operator at Fonacot to increase their daily placement from 13 to 17 loans.

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