With this change, borrowers will have monthly installments and fixed balances during the agreed term, without annual increases, a fixed interest rate of between 1% and 10.45%, depending on the worker’s income.
In addition, there will be social collection solutions and the payment of the employer contribution will go directly to the amortization of the credit.
Changing a VSM loan to pesos will represent an average saving of 5 years, Barrientos noted.
“If a loan is overdue, or if someone has had problems with their payment, they can convert the loan and regularize it,” said the institute’s general director.
Seven out of 10 credits will be able to choose between receiving a discount of 10% or 20% or maintaining the monthly payment and finishing paying earlier. The worker will decide which option suits him best, explained the general deputy director of portfolio management.
A second group of borrowers, in which the debt is not settled with the conversion, the worker will pay a 10% higher monthly payment, but will receive a forgiveness of balance. In this second group, the credits are “very degraded”, the famous unpayable balances. Although the monthly payment increases, said amount will not have further increases. Alicia Barrientos specified
“You can access the program regardless of the remaining balance, the age of the credit, the age of the borrower. It no longer has conditions,” said Martínez Velázquez.
With this, he added, Infonavit will have to allocate a smaller amount to credit risk reserves and has greater security of forward payment, since workers who have already converted their loans to pesos have a lower probability of default than those borrowers who do not. They have benefited from this program, which began in 2019. While the past due portfolio index of loans in pesos is 7.5%, that of loans in times of minimum wages is 18.91%, highlighted the general director of Infonavit.
In the case of credits co-financed with banks, the conversion will apply only to the amount lent by Infonavit. Therefore, Carlos Martínez called on the banks that have co-participation contracts with Infonavit “to accept the single window, and no one is left behind and no one is left out,” he said.
Loans with brands or elements such as close to liquidation, partially elected or those that have problems with their line of eco-technology credits, nor loans that are in a judicial process initiated, may not participate either.