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If you need a personal loan in Mexico, these three banks are almost certainly on your shortlist. BBVA is the largest bank in the country by total assets.
Banorte is the biggest domestically-owned bank and has been aggressively competing for market share. Santander, backed by one of the largest financial groups in Europe, offers some of the highest loan amounts available anywhere in Mexico.
But which one actually gives you the best deal? That depends entirely on the numbers — and the numbers are more different than you might expect.
We analyzed the current personal loan products from all three banks using official data from their websites, CONDUSEF’s comparison tools, and published rate sheets valid through the first half of 2026.
What we found is that the difference between choosing the right bank and the wrong one on a standard $100,000 MXN loan can cost you over $30,000 pesos in unnecessary interest payments.
Here is the complete breakdown.
The Head-to-Head Comparison: Every Number That Matters
Before diving into the details of each bank, here is the master comparison table with every key metric side by side. This is the information that most people never see because it is scattered across different pages of each bank’s website.
| Feature | BBVA | Banorte | Santander |
|---|---|---|---|
| Loan Amount Range | $3,000 – $1,500,000 MXN | Up to $500,000 MXN (standard) / $1,000,000 (preferred) | Up to $3,000,000 MXN |
| Minimum Interest Rate | 23.75% annual (nómina) / 25.75% (personal) | 22.00% annual | 29.24% average weighted |
| Maximum Interest Rate | 37.45% (nómina) / 45.75% (personal) | 45.00% (nómina) | 60.00% (personal) / 65.00% (nómina) |
| CAT (Total Annual Cost) | 26.5% – 33.1% (nómina) / varies (personal) | 29.6% average | 39.1% (personal) / 48.2-49.5% (nómina) |
| Loan Term | 6 to 72 months | 12 to 36 months | 6 to 72 months |
| Origination Fee | 2.75% one-time (personal) / 0% (nómina) | 0% (zero) | Up to 1.75% (personal) / up to 12% (nómina) |
| Life Insurance | Required (nómina), not charged (personal) | Free — included at no cost | Required — must contract separately |
| Early Repayment Penalty | None | None | None |
| Minimum Age | 18 years | Not specified (invitation only) | 21 years |
| Maximum Age | 84 years | Not specified | 70 years |
| Availability | Pre-approved invitation via app | Pre-approved invitation only | App, phone, or branch |
| Payment Frequency | Biweekly or monthly | Monthly (auto-debit from account) | Weekly, biweekly, or monthly |
| Disbursement Time | Same day (app) | Within 48 hours | Within 24 hours |
Looking at this table alone, a few things jump out immediately. Banorte has the lowest starting interest rate at 22%. BBVA offers the longest repayment terms at up to 72 months. Santander offers by far the highest loan amounts at up to $3 million MXN. But Santander also charges the highest maximum interest rates and the highest CAT. And Banorte’s zero origination fee is a significant advantage that compounds over the life of the loan.
Let us break down each bank in detail.
BBVA México: The Largest Bank, Two Distinct Products
BBVA is the dominant player in Mexican banking. With the largest customer base and the most extensive branch and ATM network in the country, chances are high that you already have some relationship with BBVA. This matters because their personal loan products are primarily available through pre-approved invitations sent to existing customers.
BBVA Offers Two Separate Personal Loan Products
Préstamo Personal Inmediato (Personal Loan)
This is BBVA’s standard personal loan for customers who do not necessarily have their payroll deposited at BBVA. The interest rates range from 25.75% to 45.75% annually (before VAT), with a one-time origination fee of 2.75% of the loan amount. No insurance is charged. Loans range from $3,000 to $750,000 MXN (up to $1,500,000 for certain profiles), with terms from 6 to 72 months.
The origination fee is worth paying attention to. On a $100,000 MXN loan, that is $2,750 charged upfront — money that comes out of your pocket on day one and adds to the total cost of the loan.
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Creditón Nómina (Payroll Loan)
If you receive your salary through a BBVA payroll account, you access significantly better terms. The interest rate drops to a range of 23.75% to 37.45% annually. There is no origination fee. However, a mandatory life insurance policy (or life plus unemployment insurance) is required, contracted through BBVA’s insurance partner and charged as a one-time fee at the moment of contracting.
The CAT for the payroll loan averages 26.5% to 33.1% depending on the insurance package — substantially lower than the personal loan product.
BBVA Strengths
The sheer flexibility of terms is BBVA’s biggest advantage. With repayment periods extending to 72 months, you can structure payments that fit almost any budget. On a $200,000 loan over 72 months, monthly payments become much more manageable compared to Banorte’s maximum of 36 months, even though you pay more total interest over the longer period.
BBVA also offers a sustainable loan discount: if you use at least 25% of your loan for energy-efficient or sustainable home products, you receive up to a 10% reduction on your interest rate. This is a niche benefit but a real one for borrowers planning home improvements.
Digital convenience is another advantage. The entire application, approval, and disbursement process can happen through the BBVA app in a matter of hours for pre-approved customers.
BBVA Weaknesses
The origination fee on the personal loan product (2.75%) is a meaningful cost that neither Banorte nor Santander’s personal product charges at that level. The interest rate floor of 25.75% for non-payroll customers is higher than Banorte’s 22% floor. And the invitation-only model means you cannot simply walk into a branch and apply — you need to wait for BBVA’s algorithm to pre-approve you.
Banorte: The Domestic Champion With the Lowest Starting Rate
Banorte is Mexico’s largest domestically-owned bank, and they have been particularly aggressive in the personal lending space. Their positioning is clear: competitive rates, zero fees, and a free life insurance policy included with every loan.
Banorte’s Personal Loan Product
Banorte offers a single personal loan product with a fixed annual interest rate starting from 22% — the lowest starting point among the three banks in this comparison. The weighted average interest rate is 25.68% annually, and the average CAT is 29.6% (without VAT). Loans are available up to $500,000 MXN for standard customers and up to $1,000,000 MXN for preferred clients.
Terms run from 12 to 36 months, and payments are automatically debited from your Banorte deposit account.
Banorte’s Nómina Loan
For payroll customers, Banorte’s nómina credit offers rates starting from 19% annually (with a maximum of 45%). The loan operates similarly to the personal credit but with potentially better terms for established payroll customers with strong credit profiles.
Banorte Strengths
Zero origination fee. This is Banorte’s clearest competitive advantage. Neither the personal loan nor the payroll loan charges an upfront fee. On a $200,000 loan, this saves you $3,500 to $5,500 compared to BBVA’s personal loan origination charge.
Free life insurance. Banorte includes a life insurance policy at no additional cost for the entire duration of your loan. At BBVA, the payroll loan requires you to pay for insurance, and at Santander, you must contract insurance separately (which adds to the total cost). This is a genuine financial benefit — life insurance on a $200,000 loan typically costs several thousand pesos if purchased separately.
The lowest starting rate. At 22% annual for the personal loan and 19% for nómina, Banorte offers the cheapest entry point for borrowers with excellent credit profiles.
No prepayment penalties. Like the other two banks, Banorte allows early repayment without any additional charges. But combined with the zero fees and low starting rate, this makes Banorte particularly attractive for borrowers who plan to pay off their loan ahead of schedule.
Banorte Weaknesses
Shorter maximum terms. Banorte’s personal loan maxes out at 36 months. If you need a $300,000 loan and cannot afford the higher monthly payments required by a 36-month term, Banorte simply is not an option — you would need BBVA or Santander’s 72-month terms.
Lower maximum loan amounts. At $500,000 standard ($1,000,000 preferred), Banorte lends significantly less than Santander’s $3,000,000 maximum. For large borrowing needs, Banorte may not have enough capacity.
Invitation-only access. Like BBVA, Banorte’s personal loan is only available to customers who receive a pre-approved invitation. You cannot apply cold.
Santander: The Highest Amounts, the Highest Costs
Santander México, backed by the Spanish financial giant Grupo Financiero Santander, positions itself as the bank for borrowers who need large loan amounts with flexible terms. Their maximum loan of $3,000,000 MXN is double what BBVA offers and six times Banorte’s standard limit.
Santander’s Personal Loan Products
Crédito 24×7 Efectivo (Personal Loan)
This is Santander’s product for customers who do not have their payroll at the bank, including self-employed professionals, independent contractors, and salaried workers at other institutions. The weighted average interest rate is 29.24% annually, with a maximum rate reaching 60%. The origination fee is up to 1.75% of the loan amount plus VAT, and the CAT averages 39.1%.
Loan amounts reach up to $3,000,000 MXN with terms from 6 to 72 months. A mandatory life insurance policy must be contracted to activate the loan.
Crédito 24×7 Nómina (Payroll Loan)
For Santander payroll customers, the nómina loan offers an average weighted rate of 30.37% annually with a maximum of 65%. The origination fee is significantly higher — up to 12% of the loan amount plus VAT. The CAT ranges from 48.2% to 49.5%.
This is where Santander’s costs become problematic. A 12% origination fee on a $200,000 loan means $24,000 plus VAT charged at contracting. Combined with the higher interest rates and CAT, Santander’s payroll loan is substantially more expensive than either BBVA’s or Banorte’s equivalent product.
Santander Strengths
Maximum loan amounts. If you need more than $500,000 MXN (or more than $1,500,000 which is BBVA’s cap), Santander is the only one of these three banks that can accommodate you. For borrowers seeking $2,000,000+ for a major investment, business project, or debt consolidation involving large amounts, Santander may be the only viable option among traditional banks.
Accessibility for non-customers. The Crédito 24×7 Efectivo is specifically designed for people who are not Santander payroll customers. While BBVA and Banorte are heavily skewed toward existing customers with pre-approved invitations, Santander allows professionals with payroll at other banks, self-employed individuals, and independent contractors to apply with appropriate documentation.
Multiple application channels. You can apply through the Santander app, by calling Superlínea, or at any branch. The 24×7 branding reflects the availability of digital applications at any time.
Flexible payment schedules. Santander offers weekly, biweekly (catorcenal and quincenal), and monthly payment options. This level of flexibility is useful for borrowers whose income arrives on different schedules.
Santander Weaknesses
The highest costs across the board. Santander’s average interest rate, maximum interest rate, CAT, and origination fees are all higher than both BBVA and Banorte. The 12% maximum origination fee on the nómina product is particularly extreme — that alone can add tens of thousands of pesos to the cost of a loan.
Mandatory separate insurance. Unlike Banorte (which includes free insurance) or BBVA’s personal loan (which does not require insurance), Santander requires you to contract life insurance either through their partner or through another insurer that meets their specifications. This is an additional cost and an additional step in the process.
Higher age restrictions. Santander’s minimum age of 21 and maximum of 70 is more restrictive than BBVA’s 18-84 range. Younger borrowers and seniors have fewer options here.
The Real Cost Comparison: What You Actually Pay
Numbers in a table are useful, but what matters is how much money leaves your pocket over the life of the loan. Let us calculate the total cost of a $100,000 MXN loan across different scenarios at each bank.
Scenario 1: $100,000 MXN Over 36 Months (Best Available Rate)
| Bank | Interest Rate | Origination Fee | Insurance Cost | Monthly Payment | Total Repaid | Total Interest + Fees Paid |
|---|---|---|---|---|---|---|
| Banorte | 22.00% | $0 | $0 (free) | ~$3,467 | ~$124,812 | ~$24,812 |
| BBVA (nómina) | 23.75% | $0 | ~$3,500 est. | ~$3,530 | ~$130,580 | ~$30,580 |
| BBVA (personal) | 25.75% | $2,750 | $0 | ~$3,603 | ~$132,458 | ~$32,458 |
| Santander (personal) | 29.24% | $1,750 | ~$4,000 est. | ~$3,732 | ~$140,102 | ~$40,102 |
The difference between the cheapest (Banorte) and the most expensive (Santander): approximately $15,290 pesos on the same $100,000 loan. That is 15% of the original loan amount thrown away simply by choosing the wrong bank.
Scenario 2: $200,000 MXN Over 36 Months (Best Available Rate)
| Bank | Interest Rate | Origination Fee | Insurance Cost | Monthly Payment | Total Repaid | Total Interest + Fees Paid |
|---|---|---|---|---|---|---|
| Banorte | 22.00% | $0 | $0 (free) | ~$6,934 | ~$249,624 | ~$49,624 |
| BBVA (nómina) | 23.75% | $0 | ~$6,500 est. | ~$7,060 | ~$260,660 | ~$60,660 |
| BBVA (personal) | 25.75% | $5,500 | $0 | ~$7,206 | ~$264,916 | ~$64,916 |
| Santander (personal) | 29.24% | $3,500 | ~$7,500 est. | ~$7,464 | ~$276,204 | ~$76,204 |
On a $200,000 loan, the gap widens to approximately $26,580 between Banorte and Santander. At the $500,000 level, you are looking at differences exceeding $65,000 pesos — enough to fund another major purchase entirely.
Scenario 3: Large Loan — $500,000 MXN Over 60 Months
This scenario only applies to BBVA and Santander, since Banorte’s maximum term is 36 months and their standard limit is $500,000.
| Bank | Interest Rate | Origination Fee | Insurance Cost | Monthly Payment | Total Repaid | Total Interest + Fees Paid |
|---|---|---|---|---|---|---|
| BBVA (nómina) | 23.75% | $0 | ~$14,000 est. | ~$14,165 | ~$863,900 | ~$363,900 |
| BBVA (personal) | 25.75% | $13,750 | $0 | ~$14,588 | ~$889,030 | ~$389,030 |
| Santander (personal) | 29.24% | $8,750 | ~$16,000 est. | ~$15,612 | ~$961,470 | ~$461,470 |
On a large, long-term loan, Santander costs approximately $97,570 more than BBVA’s payroll product. The higher interest rate compounds dramatically over 60 months.
Which Bank Wins? It Depends on Your Situation
If you earn your payroll at one of these banks and have good credit:
Winner: Banorte. The combination of the lowest starting rate (22%), zero origination fee, and free life insurance makes Banorte the cheapest option for payroll customers with strong credit profiles. The only limitation is the 36-month maximum term — if you need longer to repay, BBVA’s payroll loan is the next best option.
If you need a loan above $500,000 MXN:
Winner: Santander for access, BBVA for cost. Santander lends up to $3,000,000 MXN, which is unmatched. But BBVA’s personal loan goes up to $1,500,000 at significantly lower rates. If your need falls between $500,000 and $1,500,000, choose BBVA. Only go to Santander if you genuinely need more than $1,500,000.
If you are self-employed or have payroll at a different bank:
Winner: Santander. Their Crédito 24×7 Efectivo is specifically designed for this situation. BBVA and Banorte are heavily oriented toward existing customers with pre-approved invitations. Santander allows professionals to apply with tax returns, bank statements, and employment documentation even without a prior relationship.
If you want the lowest total cost regardless of other factors:
Winner: Banorte. In every scenario we calculated, Banorte produced the lowest total repayment amount when the borrower qualifies for their best rate. The zero-fee, free-insurance combination is unbeatable on pure cost.
If you need maximum repayment flexibility:
Winner: BBVA. With terms up to 72 months and the option for biweekly or monthly payments, BBVA provides the most flexibility to structure payments that fit your cash flow. This matters if you need a larger loan but cannot afford the higher monthly payments of a shorter term.
Before You Apply: The Checklist That Saves You Money
Regardless of which bank you choose, follow these steps to ensure you get the best possible deal.
Check your Buró de Crédito score first. Your score determines which end of the interest rate range you will receive. A score above 720 generally qualifies you for rates near the floor. Between 650 and 720, expect mid-range rates. Below 650, you may be denied or offered rates near the maximum. Request your free annual report at the official Buró de Crédito website before applying anywhere.
Compare the CAT, not just the interest rate. The CAT (Costo Anual Total) includes interest, fees, insurance, and every other cost associated with the loan. A loan with a 22% interest rate but a 5% origination fee and mandatory insurance might have a higher CAT than a loan at 25% with no fees. Always ask for the CAT before signing.
Calculate the total repayment amount. Ask each bank to provide a complete amortization table showing every payment and the total amount you will repay over the full term. This is the only number that tells you the true cost. You can also use CONDUSEF’s free Simulador de Crédito Personal to compare products from different institutions using standardized calculations.
Ask about promotional rates. All three banks periodically offer reduced rates for new customers, existing customers who increase their deposit balances, or customers who consolidate their payroll. These promotions are not always visible on the website — ask directly at the branch or through the bank’s call center.
Never borrow more than you can comfortably repay. Financial experts recommend that your total debt payments (including the new loan) should not exceed 30-35% of your monthly net income. Use a loan calculator to verify that the monthly payment fits within this threshold before signing any contract.
Read the contract completely. Pay particular attention to late payment penalties (Santander charges a specific fee per missed payment), insurance requirements, and the conditions for early repayment. All three banks allow prepayment without penalty, but verify this is stated explicitly in your contract.
The Bottom Line
For most borrowers in Mexico in 2026, Banorte offers the best overall value for personal loans under $500,000 MXN with its lowest starting rate, zero fees, and free insurance. BBVA is the strongest option for payroll customers who need longer terms or larger amounts up to $1,500,000 MXN. Santander makes sense only when you need loan amounts exceeding $1,500,000 or when you lack an existing relationship with BBVA or Banorte — but you will pay significantly more for the privilege.
The most important thing is not which bank you choose — it is that you compare all three using the CAT and total repayment amount before signing. The difference between the best and worst option on a standard personal loan can exceed tens of thousands of pesos. That is money better spent on whatever you needed the loan for in the first place.