Calculating Loan Payments
There are several formulas and system elements to calculate loan payments.
|
Elements |
Description |
|---|---|
|
PR FM TOPE CAJA |
The maximum discount per pay period |
|
MONTHLY RT |
Monthly rate |
|
PS VR SAL MIN MES |
Monthly minimum salary for the zone |
|
PR VR MONTO TOTAL |
Total loan amount |
|
PR FM PAGO CIA |
Company loan payment |
|
PR FM PAGO CAJA |
Cashier loan payment |
|
PR FM PAGO INF |
INFONAVIT payment |
|
PR FM PAGO FONACOT |
FONACOT loan payment |
This topic discusses how to calculate the different loan types.
Company Loans
When an employee has one company loan, a loan payment amount is determined and deducted from the employee's pay regularly as agreed upon by the company and the employee.
When an employee has more than one company loan, payment numbers are assigned to each loan and each loan has a separate cash balance.
|
Number |
Loan Amount |
Monthly Payment |
Cash Balance |
|---|---|---|---|
|
Payment number |
Loan Balance |
If the loan balance is lower than what you defined, then the monthly payment is equal to the loan balance; else the monthly payment is as defined by you. |
Loan amount − Monthly payments |
Faltante de Caja
You'll define these parameters in the system:
|
Number |
Faltante de Caja |
Legal Ceiling |
Operator |
Cash Balance |
Monthly Payment |
|---|---|---|---|---|---|
|
Payment number |
Cash balance + new Faltante de Caja |
(Monthly salary − Monthly wage zone) * 30 % |
Faltante de Caja < or > legal ceiling |
Faltante de Caja − Monthly payments |
If Faltante de Caja < legal ceiling, then monthly payment =Faltante de Caja; else, if legal ceiling > 0, then monthly payment = legal ceiling; else = 0. |
INFONAVIT Loans
Employees can repay INFONAVIT loans in several ways:
Fixed amount − a monthly fixed amount will be deducted from the employee's pay.
Percentage − depending on the original loan agreement, 20%, 25%, or 30% of an employee's pay will be deducted.
Number of times the minimum wages − the number of times the minimum wage that is to be deducted from an employee's pay is defined.
You'll define your loan payment option on the Request Loans MEX Page.
FONACOT Loans
The system automatically sets the Payment Type as Amount and the frequency for FONACOT loans as monthly. The payment is calculated as follows:
Payment = (Monthly payment / 30) * (Days in the period − Absences)
The days in the period are taken depending on the period frequency, for example, monthly (30 days), semimonthly (15 days), biweekly (14 days), and weekly (7 days).