Will my Infonavit credit be affected by the new Banxico rate? – The financial

If you are a beneficiary of Infonavit and you are concerned that the interest rate of the Bank of Mexico (Banxico) does not stop rising, you can breathe easy: There will be no increases in the interest rate of credits for workers during the remainder of the six-year term.

With the entry into force of the new Credit in Pesos scheme, applied from mid-2021, male and female workers can now access rates that range from 1.91 to 10.45 percentaccording to the income level of the borrowers.

“To contain the increase in inflation, Infonavit will not increase interest rates of its credit products in the remainder of the present administration”, assured Carlos Martínez Velázquez, general director of the institute at the beginning of May and reiterated that even with Banxico’s announcement, the scheme will remain the same.

The Banxico decided this Thursday to increase the interest rate by 75 basis points, so the benchmark is already at 7.75 percent. This is a historic decision as it is the first increase of this magnitude in the 25 years of autonomy of the institution.

Infonavit’s strategy

With the new credit scheme in pesos, Infonavit seeks to avoid increases in the monthly installments of the credits and that workers fall into arrears. In addition, in January 2022, it was determined that the increase in the credits of Times Minimum Salary (VSM), were lower than the salary increase and the UMA, that is, below 22 and 7.3 percent, respectively.

The adjustment mechanism left an increase of 4.99 percent to the monthly installments and financing balances originated in VSM to avoid the blow of inflation.

On the other hand, Infonavit pointed out that although consumer confidence has been maintained, workers they are more careful when contracting a debt in an inflation scenario.

Despite this, in one year of operation of the new credit in pesos, Infonavit has placed close to 258 thousand loans, of which 53 percent were originated with rates lower than 7.92 percent.

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