Consumer loans in Chile: how much they cost, what the maximum rate is and which banks lend the most

Borrowing money for consumption costs almost six times as much today as a home loan. In October 2026, the average rate on consumer loans in Chile was 24.57% a year, according to the Central Bank. In the same month, the mortgage rate was 4.10%. In this article we look at how much a consumer loan costs, how much a bank is allowed to charge and which institutions dominate the market.

24.57%

Average rate in October

per year, all terms

34.02%

Legal maximum rate (50 to 200 UF)

in force until November 14

CLP 32 trillion

Consumer debt with banks

September 2026

2.65%

Loans more than 90 days overdue

of all consumer loans

Source: Central Bank, CMF, certificate No. 10/2026 and CMF, September 2026 report

View the data as a table

Average rate in October	24.57% | per year, all terms
Legal maximum rate (50 to 200 UF)	34.02% | in force until November 14
Consumer debt with banks	CLP 32 trillion | September 2026
Loans more than 90 days overdue	2.65% | of all consumer loans

How much consumer loans in Chile cost today

The average consumer loan rate rose during 2026: it went from 23.41% in January to a peak of 26.00% in July, and fell to 24.57% in October. A year earlier, in October 2025, it was 23.01%.

Source: Central Bank, Statistical Database, total consumer

View the data as a table

Jan 25	24.54%
Mar 25	23.35%
May 25	24.19%
Jul 25	24.01%
Sep 25	23.8%
Nov 25	23.62%
Jan 26	23.41%
Mar 26	23.39%
May 26	25.61%
Jul 26	26%
Sep 26	25.86%
Oct 26	24.57%

The rate varies a lot with the term. Loans of less than six months have the lowest rate, and those of six months to one year, the highest:

Less than 6 months9.57%

6 months to 1 year30.39%

1 to 3 years26.25%

More than 3 years22.16%

Source: Central Bank, Statistical Database

View the data as a table

Less than 6 months	9.57%
6 months to 1 year	30.39%
1 to 3 years	26.25%
More than 3 years	22.16%

Why does a consumer loan cost so much more than a mortgage? The main reason is risk. A mortgage is secured by the home; a consumer loan is not. According to the CMF, banks hold provisions for 8.24% of their consumer portfolio to cover possible losses, compared with just 0.63% of their housing portfolio.

An example: how much you pay for CLP 3 million

At October's average rate for one- to three-year loans (26.25%), a loan of CLP 3,000,000 is repaid like this, counting interest only:

Term	Monthly payment	Total paid	Interest
24 months	CLP 162,002	CLP 3,888,053	CLP 888,053
36 months	CLP 121,272	CLP 4,365,783	CLP 1,365,783
48 months	CLP 101,574	CLP 4,875,568	CLP 1,875,568

InfoByData calculation using the Central Bank's average rate for 1- to 3-year loans (October 2026). It does not include insurance, fees or stamp tax, which raise the final cost.

A longer term lowers the payment but makes the loan more expensive: going from 24 to 48 months cuts the payment by CLP 60,428, but adds almost CLP 1 million more in interest.

What is the maximum rate you can be charged

In Chile, no loan can exceed the maximum conventional rate (TMC), which the CMF publishes every month in the Official Gazette. For peso loans of 90 days or more, the cap depends on the amount:

Loan amount	Maximum rate (TMC)	Current rate (reference average)
Up to 50 UF (about CLP 2.07 million)	41.02% per year	32.82% per year
Over 50 and up to 200 UF (about CLP 8.26 million)	34.02% per year	29.56% per year
Over 200 and up to 5,000 UF	30.03% per year	20.02% per year

Source: CMF, certificate No. 10/2026, published in the Official Gazette on October 15, 2026 and in force until November 14. UF on November 12, 2026: CLP 41,316.06. The CMF publishes a new certificate every month.

The smaller the loan, the higher the legal cap. At the TMC for the 50 to 200 UF bracket (34.02%), the same CLP 3,000,000 loan over 36 months would have a payment of CLP 134,049 and you would pay CLP 1,825,777 in interest, CLP 460,000 more than at the average rate.

Which banks lend the most in consumer loans

As of September 2026, banks had CLP 32.04 trillion in consumer loans outstanding, according to the CMF. That is 1.56% less than a year earlier, after inflation. Five banks hold 75% of the total:

Santander18.8%

Banco de Chile17.3%

Scotiabank15%

Banco Falabella13.1%

BCI11%

BancoEstado8.7%

Itaú7.7%

Banco Ripley4%

Source: CMF, Monthly Financial Information Report, September 2026. InfoByData calculations

View the data as a table

Santander	18.8%
Banco de Chile	17.3%
Scotiabank	15%
Banco Falabella	13.1%
BCI	11%
BancoEstado	8.7%
Itaú	7.7%
Banco Ripley	4%

There are two different models. At traditional banks, most consumer lending is installment loans. At banks linked to retailers, it is the other way around: 77% of Banco Falabella's consumer portfolio and 91% of Banco Ripley's is credit card debt.

Delinquency also varies. 2.65% of the banks' consumer portfolio is more than 90 days overdue. The highest rates are at Banco Ripley (3.48%), BancoEstado (3.29%) and Scotiabank (3.25%); the lowest, at Banco Internacional (1.40%), Banco Consorcio (1.43%) and Banco Bice (1.44%). You can see how banks compare on other indicators in banks in Chile in figures.

How to compare consumer loans in Chile

1. Compare the CAE, not the rate. The annual equivalent charge (CAE) adds up the rate, insurance and fees in a single percentage. Banks must report it in their quotes.
2. Ask for the total cost of the loan. It is the sum of all payments: it shows how much you will really pay.
3. Check the insurance attached. It raises the payment: ask which policies are mandatory and which you can decline.
4. Prepaying has a capped cost. For peso loans of up to 5,000 UF, the prepayment fee cannot exceed one month of interest on the amount you pay early, under article 10 of Law 18,010. We explain how it works in prepaying or refinancing a mortgage.