Data as of November 9, 2026. To simulate a Scotiabank consumer loan you only need to enter four items in the bank's simulator: RUT (tax ID), amount, net monthly income and number of installments. The result shows the installment, the monthly rate, the CAE (annual equivalent cost) and the total cost of the loan, according to the Scotiabank Chile, consumer loan simulator. In its official examples, dated November 4, 2026, a CLP 10,000,000 loan over 48 installments ranges from a CAE of 18.77% (installment of CLP 301,840) to 32.85% (installment of CLP 385,463).
Against the rest of the market, Scotiabank's loan is the second cheapest in all 12 scenarios of Sernac's official comparator, behind only Bice. For CLP 7,000,000 over 48 installments with life insurance, it reports a CAE of 19.28% and a total cost of CLP 10,096,800, according to the Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026.
View the data as a table
| Lowest CAE in the official example | 18.77% |
| Highest CAE in the official example | 32.85% |
| CAE at Sernac | 19.28% |
| Rank at Sernac | 2 of 17 |
How to simulate a Scotiabank consumer loan step by step
- Open the simulator from Scotiabank's consumer loan page (the «Simula aquí» button) or, if you are a customer, from the private site or the Scotia app under «Pide tu Crédito».
- Enter your details: RUT, the amount you need, net monthly income and number of installments (6 to 60).
- Choose the first installment date: the bank allows up to 3 months' grace, although interest accrues from signing.
- Decide on insurance. Unemployment and hospitalization cover are optional; life (desgravamen) insurance is mandatory and, if you simulate without it, you will still have to buy it (from the bank or another insurer).
- Read the result: installment, monthly rate, CAE and total cost. Repeat with other amounts and terms; for customers, the bank can credit the loan immediately to the checking account.
Source: Scotiabank Chile, consumer loan simulator and Scotiabank Chile, official consumer loan page, accessed November 9, 2026. For non-customers, the simulator collects the data and the bank gets in touch afterwards. As of November 9, 2026, the direct link to the simulator could not be opened with a simple automated request (it returned a 404 error), so we did not use it to get quotes: the figures in this article are the examples the bank itself publishes and Sernac's data.
What the simulator shows: Scotiabank's official examples
Scotiabank publishes two reference simulations on its page for the same loan, marking the range of its offer depending on each customer's profile. The gap between them is CLP 4,023,403 in total cost: the rate you get matters more than any other detail.
| Example | Amount | Term | Monthly rate | Installment | CAE | Total cost |
|---|---|---|---|---|---|---|
| Lowest CAE | CLP 10,000,000 | 48 installments | 1.35% | CLP 301,840 | 18.77% | CLP 14,492,560 |
| Highest CAE | CLP 10,000,000 | 48 installments | 2.50% | CLP 385,463 | 32.85% | CLP 18,515,963 |
Source: Scotiabank Chile, official consumer loan page, accessed November 9, 2026, examples «as of 04/11/2026». The example's maximum rate, 2.50% a month, is 30.00% a year and sits just below the legal ceiling for loans of UF 200 to 5,000 over more than 90 days, which since October 15, 2026 is 30.03% a year, according to the CMF, Certificate No. 10/2026 on current and maximum conventional interest. A CLP 10,000,000 loan is about UF 242.
Scotiabank consumer loan against other banks, according to Sernac
Sernac's comparator publishes what each lender reports for standard loans of CLP 3, 5 and 7 million, with and without life insurance. For CLP 7,000,000 over 48 installments with life insurance, Scotiabank charges a 1.39% monthly rate, an installment of CLP 210,350 and a total cost of CLP 10,096,800: CLP 489,360 more than Bice, the cheapest, and CLP 3,712,513 less than Banco de Chile, the most expensive among lenders with a reported CAE.
View the data as a table
| Principal | Interest | Fees and taxes | Insurance | |
|---|---|---|---|---|
| Bice | 7,000,000 | 2,293,061 | 60,015 | 254,364 |
| Scotiabank | 7,000,000 | 2,764,898 | 60,915 | 270,987 |
| Banco Internacional | 7,000,000 | 3,156,815 | 60,648 | 239,057 |
| Santander | 7,000,000 | 3,409,724 | 356,980 | 0 |
| BancoEstado | 7,000,000 | 4,849,896 | 58,629 | 182,498 |
| Banco de Chile | 7,000,000 | 6,512,338 | 60,376 | 236,599 |
The interactive table shows Scotiabank's place in the comparator's other scenarios: it ranks second in all of them. Life insurance adds around two points to the CAE in each case; to understand how it is calculated and why it is worth comparing before the rate, see how to compare consumer loan rates and CAE between banks.
| 3,000,000 | 24 | no insurance | 149,868 | 18.07% | 3,596,832 | 2/Scotiabank |
| 3,000,000 | 36 | no insurance | 108,505 | 18.03% | 3,906,180 | 2/Scotiabank |
| 3,000,000 | 24 | with life insurance | 152,713 | 20.02% | 3,665,112 | 2/Scotiabank |
| 3,000,000 | 36 | with life insurance | 111,625 | 20.09% | 4,018,500 | 2/Scotiabank |
| 3,000,000 | 48 | with life insurance | 91,753 | 20.29% | 4,404,144 | 2/Scotiabank |
| 3,000,000 | 60 | with life insurance | 80,814 | 20.79% | 4,848,840 | 2/Scotiabank |
| 5,000,000 | 48 | with life insurance | 150,270 | 19.29% | 7,212,960 | 2/Scotiabank |
| 5,000,000 | 60 | with life insurance | 131,557 | 19.67% | 7,893,420 | 2/Scotiabank |
| 7,000,000 | 36 | with life insurance | 256,878 | 19.08% | 9,247,608 | 2/Scotiabank |
| 7,000,000 | 48 | no insurance | 202,513 | 17.15% | 9,720,624 | 2/Scotiabank |
| 7,000,000 | 48 | with life insurance | 210,350 | 19.28% | 10,096,800 | 2/Scotiabank |
| 7,000,000 | 60 | with life insurance | 184,156 | 19.67% | 11,049,360 | 2/Scotiabank |
View the data as a table
| Monthly rate (%) | CAE (%) | |
|---|---|---|
| Bice | 1% | 16% |
| Scotiabank | 1% | 19% |
| Banco Internacional | 2% | 21% |
| Capual | 2% | 21% |
| Santander | 2% | 23% |
| Bci | 2% | 24% |
| Oriencoop | 2% | 25% |
| Banco Falabella | 2% | 28% |
| Banco Consorcio | 2% | 28% |
| Coopeuch | 2% | 28% |
| Ahorrocoop | 2% | 29% |
| Caja Los Andes | 2% | 28% |
| BancoEstado | 2% | 27% |
| Caja 18 de Septiembre | 2% | 34% |
| Caja Los Héroes | 3% | 35% |
| Banco de Chile | 3% | 35% |
Does your institution offer consumer loans? Reach Pauta Financiera readers who are comparing before taking out a loan.
See advertising optionsScotiabank consumer loan types and requirements
| Type | Term | How it is repaid | Where to apply |
|---|---|---|---|
| Web loan | Up to 60 months | Fixed, equal installments | Private site or Scotia app |
| Flexible installment | 24 to 48 months | Minimum, agreed or maximum installment; minimum from installment 8 and up to 6 times a year | Account officer or branch |
| Alternative installment | 36 to 60 months | Two optional larger installments that shorten the term, with no prepayment fee | Account officer or branch |
| Smart loan | 6 to 37 months | Low installment and up to 60% of the balance in a final balloon | Account officer or branch |
| Bullet loan | Up to 359 days | Principal and interest in one payment; incomes from CLP 3 million | Account officer or branch |
Source: Scotiabank Chile, official consumer loan page, accessed November 9, 2026. The general requirements are being 25, a net income from CLP 500,000, being Chilean or a foreigner with permanent residence, having a bank account, no defaults and a verifiable address. Required job tenure is 3 months on a permanent contract for salaried workers with fixed pay, 6 months with variable pay, 3 contract renewals for fixed-term public employees, and 12 or 18 months in the activity for self-employed professionals and non-professionals. According to the bank, approval can take 24 hours.
All installment loans let you defer up to 3 installments a year, not consecutively, if the loan is current and at least 7 installments have been paid; each deferral extends the term (up to 72 months in total) and carries stamp tax and notary costs. To finance small purchases, another route is the card; we compare its cost in Scotiabank credit card: CAE, fees and requirements.
Who it suits and what to check before applying
- Scotiabank customers with steady income: the Web loan is taken out online and paid out right away; compare the personalized offer with Sernac's CAE.
- Variable income: the flexible or alternative installment lets you pay more in good months with no fee.
- People consolidating debts: the saving depends on the rate being replaced; we explain it in debt consolidation: how to refinance.
- Those who do not meet the requirements (under 25, income below CLP 500,000 or defaults): the bank will not approve them; regulated alternatives exist, but at higher rates.
Frequently asked questions about the Scotiabank consumer loan
What does Scotiabank's consumer loan simulator ask for?
RUT, amount required, net monthly income and number of installments. It returns the installment, monthly rate, CAE, term and total cost.
What rate does Scotiabank charge on consumer loans?
It depends on the customer. In its November 4, 2026 examples it ranges from 1.35% to 2.50% a month, and in Sernac's comparator it reports between 1.37% and 1.51% a month depending on amount and term.
What is the installment on a CLP 3 million Scotiabank loan?
According to data reported to Sernac, CLP 152,713 over 24 installments and CLP 91,753 over 48, both with life insurance, with CAE of 20.02% and 20.29%.
Can I apply without being a customer?
Yes: the simulator takes the request and the bank gets in touch. Immediate online payout is for those with a Scotia checking account.
Is life insurance mandatory?
Yes, for the life of the loan, but it can be bought from the bank or any other insurer or broker. Unemployment and hospitalization cover are optional.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
