A consumer loan in Chile is a peso-denominated loan repaid in instalments that does not require collateral the way a mortgage does. Banks, credit unions, family-allowance funds (cajas de compensación) and retailers all offer them, and the price varies widely with the amount, the term and the borrower's profile. That is why comparing only the monthly payment is a common mistake: two offers with similar instalments can end up hundreds of thousands of pesos apart.
The most useful official benchmark for telling whether an offer is expensive is the average rate published by the Central Bank. In September 2026, consumer instalment loans were granted at an average rate of 14.53% a year, while total consumer credit, which also includes revolving card balances and overdrafts, averaged 25.86% (Central Bank of Chile, Statistical Database). This guide explains how to use those figures, what the CAE is and what legal ceiling no lender may exceed.
How much a consumer loan costs in Chile today
Every month the Central Bank publishes the weighted average rates of loans actually granted, broken down by product. The gap between products is huge: financing a purchase with a revolving card balance or an overdraft line costs more than twice as much as an instalment loan.
| Product (consumer, in pesos) | Average annual rate, September 2026 |
|---|---|
| Overdraft (credit line) | 35.35% |
| Credit card, revolving | 33.24% |
| Total consumer credit | 25.86% |
| Instalment loans | 14.53% |
| Credit card, instalments | 10.60% |
Source: Central Bank of Chile, Statistical Database, table of consumer lending rates in pesos, September 2026 data (accessed 4 November 2026). These are annual averages weighted by amount.
The long series shows that consumer credit prices follow the monetary policy rate, with a lag. After the 2021-2022 rate hikes, instalment loans reached 18.55% in December 2022; since then they have fallen back towards pre-pandemic levels, but total consumer credit rose again in 2026 as revolving and overdraft rates went up.
View the data as a table
| Instalment loans | Total consumer | Card, revolving | |
|---|---|---|---|
| 2013 | 15.99% | 26.06% | No data |
| 2014 | 15.01% | 23.70% | 30.32% |
| 2015 | 14.97% | 22.83% | 28.56% |
| 2016 | 14.58% | 22.38% | 28.01% |
| 2017 | 13.98% | 21.34% | 26.86% |
| 2018 | 13.46% | 20.58% | 25.95% |
| 2019 | 12.01% | 19.21% | 23.92% |
| 2020 | 10.60% | 19.41% | 23.90% |
| 2021 | 14.58% | 22.02% | 25.66% |
| 2022 | 18.55% | 28.13% | 33.21% |
| 2023 | 17.73% | 27.58% | 33.39% |
| 2024 | 15.93% | 23.17% | 29.18% |
| 2025 | 14.92% | 22.22% | 28.62% |
| Sep 26 | 14.53% | 25.86% | 33.24% |
What the CAE is and why it matters more than the rate
The CAE (carga anual equivalente, or annual equivalent charge) is an annual percentage that adds to the interest the fees and charges tied to the loan: stamp tax, bundled insurance, notary costs and other charges. Law 20,555, which gave Chile's consumer agency Sernac financial powers in 2011, established every consumer's right to know the total cost of the product, "which includes knowing the annual equivalent charge".
In practice, the interest rate tells you what the money costs and the CAE tells you what the whole loan costs. That is why it is the figure to compare across banks, always for the same amount and the same number of instalments, because the CAE changes with both. Each offer must also state the total cost of credit, the sum of every instalment you will pay.
A step-by-step CAE example
To show the difference, we ran our own calculation using the official average rate of 14.53% a year. A CLP 3,000,000 loan over 36 instalments has a monthly payment of CLP 103,307, the total repaid is CLP 3,719,046 and interest adds up to CLP 719,046. If the stamp tax (0.066% per month of term, capped at 0.8%, under Decree-Law 3,475 as published by the SII) is also deducted from the amount disbursed, the CAE rises to about 15.10%, even though the rate is still 14.53%. With credit life or unemployment insurance included, the CAE would be higher still.
The table below repeats the exercise for four amounts and four terms. Use the search box to find your case. The last column shows the total you would pay if the loan were charged at the maximum conventional rate currently in force for that amount bracket, the legal ceiling explained further down. If you are considering a larger loan, this other guide explains how mortgage rates and dividend calculators work today.
| $1,000,000 | 12 | $90,037 | $1,080,440 | $80,440 | 16.05% | $1,235,846 |
| $1,000,000 | 24 | $48,264 | $1,158,327 | $158,327 | 15.35% | $1,481,758 |
| $1,000,000 | 36 | $34,436 | $1,239,682 | $239,682 | 15.10% | $1,753,459 |
| $1,000,000 | 48 | $27,593 | $1,324,468 | $324,468 | 14.97% | $2,048,985 |
| $3,000,000 | 12 | $270,110 | $3,241,321 | $241,321 | 16.05% | $3,581,105 |
| $3,000,000 | 24 | $144,791 | $3,474,982 | $474,982 | 15.35% | $4,176,206 |
| $3,000,000 | 36 | $103,307 | $3,719,046 | $719,046 | 15.10% | $4,825,777 |
| $3,000,000 | 48 | $82,779 | $3,973,404 | $973,404 | 14.97% | $5,526,893 |
| $5,000,000 | 12 | $450,183 | $5,402,201 | $402,201 | 16.05% | $5,968,508 |
| $5,000,000 | 24 | $241,318 | $5,791,637 | $791,637 | 15.35% | $6,960,343 |
| $5,000,000 | 36 | $172,178 | $6,198,410 | $1,198,410 | 15.10% | $8,042,962 |
| $5,000,000 | 48 | $137,965 | $6,622,340 | $1,622,340 | 14.97% | $9,211,488 |
| $10,000,000 | 12 | $900,367 | $10,804,402 | $804,402 | 16.05% | $11,700,226 |
| $10,000,000 | 24 | $482,636 | $11,583,274 | $1,583,274 | 15.35% | $13,422,783 |
| $10,000,000 | 36 | $344,356 | $12,396,820 | $2,396,820 | 15.10% | $15,288,484 |
| $10,000,000 | 48 | $275,931 | $13,244,680 | $3,244,680 | 14.97% | $17,291,253 |
Does your bank, credit union or fintech offer consumer loans? Reach Pauta Financiera readers who are comparing before they borrow.
See advertising optionsThe legal ceiling: the maximum conventional rate
Chile's Law 18,010 prohibits agreeing on interest above the maximum conventional rate (TMC). The Financial Market Commission (CMF) sets it every month based on the current interest rate, the average banks charged the previous month, and publishes it in the Official Gazette. For peso loans of 90 days or more, the TMC depends on the amount in UF (Chile's inflation-indexed unit). These are the rates in force since 15 October 2026 (CMF, Certificate No. 10/2026):
| Peso loan, 90 days or more | Current interest | Maximum conventional rate |
|---|---|---|
| Up to 50 UF | 32.82% | 41.02% |
| Over 50 UF and up to 200 UF | 29.56% | 34.02% |
| Over 200 UF and up to 5,000 UF | 20.02% | 30.03% |
| Over 5,000 UF | 6.70% | 10.05% |
Source: CMF, Certificate No. 10/2026, published in the Official Gazette on 15 October 2026 with September averages; it applies until the day before the next publication. With the UF of 4 November 2026 (CLP 41,268.88, per the SII), 50 UF is about CLP 2.06 million and 200 UF about CLP 8.25 million.
View the data as a table
| Up to 50 UF | 41.02% |
| 50 to 200 UF | 34.02% |
| 200 to 5,000 UF | 30.03% |
| Over 5,000 UF | 10.05% |
The current interest rate for loans between 200 and 5,000 UF, the bracket for larger consumer loans, went from 16.78% for October 2025 operations to 20.02% for September 2026 operations. Part of the jump in early 2026 coincides with the new calculation methodology the CMF approved in December 2025 and applied from February 2026, so the series is not fully comparable before and after that change.
View the data as a table
| Over 50 and up to 200 UF | Over 200 and up to 5,000 UF | |
|---|---|---|
| Oct 25 | 26.96% | 16.78% |
| Nov 25 | 27.02% | 16.88% |
| Dec 25 | 27.15% | 17.04% |
| Jan 26 | 27.18% | 19.20% |
| Feb 26 | 28.06% | 19.90% |
| Mar 26 | 28.61% | 19.60% |
| Apr 26 | 29.25% | 20.28% |
| May 26 | 29.67% | 20.42% |
| Jun 26 | 29.52% | 20.46% |
| Jul 26 | 29.72% | 20.50% |
| Aug 26 | 29.61% | 20.06% |
| Sep 26 | 29.56% | 20.02% |
How to compare a consumer loan across banks, step by step
- Set the amount and term before you ask for quotes. The CAE is only comparable between offers with the same amount and the same number of instalments.
- Ask for the summary sheet or use each lender's online simulator and write down four figures: interest rate, CAE, monthly payment and total cost of credit.
- Use Sernac's official comparison tool. The consumer loan comparator shows simulations from formal lenders by amount, number of instalments and whether credit life insurance is included. Sernac warns that web simulations are not binding: the final offer comes after the credit assessment.
- Check the insurance. Credit life and unemployment cover raise the CAE; ask whether they are mandatory for that offer and whether you can buy them from another insurer.
- Compare with the Central Bank benchmark. If you are offered an instalment loan well above the 14.53% average, it is worth shopping around. If the rate exceeds the maximum conventional rate for the bracket, the offer is not legal.
- Check the payment against your income. A cheap loan can still be a bad idea if the instalment squeezes your budget: falling behind triggers default interest, collection costs and listing in debt registries.
That last point matters. According to the Universidad San Sebastián and Equifax report, more than 4 million people in Chile had delinquent debts as of June 2026; in this other article we look at how to get out of Dicom and how much Chileans owe by region.
Consumer loan, credit card or credit line: when each makes sense
At September 2026 rates, financing CLP 1,000,000 for a year on a revolving card balance or an overdraft line costs more than twice as much in interest as an instalment consumer loan. A credit line is for gaps of a few days; an instalment loan is for a large, planned expense. And if the goal is the opposite, growing your savings, the reference is how much a time deposit pays today: the 30-day deposit rate is around 4% a year, far below the cost of borrowing.
Frequently asked questions
What is the average consumer loan rate today?
According to the Central Bank, instalment consumer loans were granted at an average rate of 14.53% a year in September 2026, the latest figure published as of 4 November 2026.
What is the difference between the interest rate and the CAE?
The rate only measures interest. The CAE adds interest, taxes, insurance and fees into a single annual percentage, so it is always equal to or higher than the rate. To compare offers, use the CAE for the same amount and term.
What is the maximum rate I can be charged?
It depends on the amount. Since 15 October 2026, for peso loans of 90 days or more the ceiling is 41.02% up to 50 UF, 34.02% between 50 and 200 UF and 30.03% between 200 and 5,000 UF. The CMF updates these figures monthly.
Where can I compare consumer loans across banks?
In Sernac's consumer loan comparator and in each lender's online simulator. Write down rate, CAE, payment and total cost for the same amount and number of instalments, and ask for the offer in writing before signing.
Disclaimer: this information is journalistic and educational, not financial advice. Check the terms and the total cost (CAE) with the institution before signing up.
