A payroll credit is one that is directed to employees who receive payment of their salary through a payroll account issued by a financial institution. If you are interested in requesting one, it is recommended that you first be clear about how much it can cost you.
The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) has just released a comparison that will help you to visualize the inherent costs of credit: the interest rate, commissions for contracting or opening, expenses late collection or payment. Of course, all of the above is decisive for the total amount that you are going to pay.
Let’s imagine that you are going to contract a payroll loan for $ 20,000 pesos with a term of 48 months (4 years) and a fortnightly payment frequency.
The banks granting payroll credit that are presented below concentrate 98% of the balance of the portfolio of this type of credit in Commercial Banking, which, according to figures published by the National Banking and Securities Commission (CNBV) to June 2021, it was 263 billion pesos.
Let’s see:
Institution | Recruitment and opening commission1 | Annual interest rate (%)2 | Life insurance cost | Unemployment insurance3 | What you would pay a fortnight | What you will pay in total |
Scotiabank | $ 400 | 45.99 | Gratuitous | Gratuitous | $ 510.88 | $ 49,044.36 |
Santander | Does not apply | 44.90 | $ 1,502.00 | Included in the cost of life insurance | $ 509.99 | $ 48,861.28 |
Banorte | $ 350 | 45.00 | It is required to contract the credit | It is required to contract the credit | $ 498.13 | $ 48,226.81 |
BBVA | Does not apply | 43.75 | $ 653.57 | Included in the cost of life insurance | $ 488.44 | $ 47,543.63 |
Citibanamex | Does not apply | 43.00 | Gratuitous | It is not required to contract the credit | $ 495.29 | $ 45,571.28 |
HSBC | $ 308 | 39.99 | Gratuitous | It is not required to contract the credit | $ 472.32 | $ 43,817.30 |
Inbursa | Does not apply | 32.48 | Gratuitous | It is not required to contract the credit | $ 404.69 | $ 38,850.41 |
2 The simulator considers the maximum interest rate of each institution, it could be lower according to the policies of each institution
3 The cost is included in the life insurance
The cost of insurance is for the entire credit term
Source: CONDUSEF payroll credit simulator as of September 30, 2021
The table indicates shows that in that hypothetical example you could be paying more than $ 10,000 pesos more between the cheapest option and the most expensive, that is, 26% more.
It may interest you: The banks with the most claims and the most resolutions in favor of the client
The Condusef recommends verifying the cost of life insurance, if the credit you are going to take out includes unemployment insurance (in case of an eventuality) or if it is required to be able to contract the product.
And how much do those banks charge you if you don’t pay on time?
Institution | Collection costs | Non-payment |
HSBC | From $ 100 to $ 319 | Does not apply |
Banorte | 5% on overdue and unpaid balance | Does not apply |
Scotiabank | $ 100.00 | Does not apply |
Citibanamex | $ 0.00 | Does not apply |
BBVA | $ 0.00 | Does not apply |
Santander | Does not apply | Weekly $ 25.00; biweekly and biweekly: $ 50.00; monthly $ 100.00 |
Inbursa | Does not apply | $ 350 |
Follow us on Google News to keep you always informed