The maximum conventional rate (TMC) is the highest interest a bank, retailer, family allowance fund (caja de compensación) or any lender can agree on a loan in Chile. It is set every month by the Financial Market Commission (CMF) based on the average rates banks charged the previous month, under Law 18,010. The cap in force from October 15 to November 14, 2026 is 41.02% a year for peso loans of up to UF 50 (about CLP 2,065,117) over more than 90 days, and 47.73% for loans under 90 days, according to CMF, Certificate No. 10/2026, Official Gazette of October 15, 2026. Charging more is illegal: the excess is reduced to the current rate, and usury is a crime.
View the data as a table
| Under 90 days | 47.73% |
| 90+ days, up to UF 50 | 41.02% |
| 90+ days, UF 50-200 | 34.02% |
| 90+ days, UF 200-5,000 | 30.03% |
What the maximum conventional rate is and how it is calculated
The TMC is derived from another rate, the current interest rate, which is the average of the rates banks charged on a type of transaction during the previous month. The general rule of Law 18,010 is that the maximum conventional rate is 1.5 times the current rate: for example, for loans of UF 200 to 5,000 the current rate is 20.02% and the maximum 30.03%. For loans of up to UF 200 over more than 90 days, which are typical small consumer loans, Law 20,715 of 2013 changed the calculation to lower that ceiling, which is why the maximum in those brackets is closer to the current rate: 32.82% versus 41.02% in the up-to-UF 50 bracket.
The CMF publishes a certificate each month in the Official Gazette, around the 15th, and the rate applies from that publication until the day before the next one. For non-indexed peso transactions the rate is expressed as a simple annual rate; for indexed and foreign-currency transactions, as a compound rate, both on a 360-day basis. The next certificate, with October's rates, should be published around November 15, 2026.
Maximum conventional rate by bracket, November 2026
There is not a single TMC: there is one for each type of transaction depending on term, amount, currency and whether the loan is indexed. The table summarizes the main brackets of the current certificate.
| Transaction type | Current rate | Maximum conventional rate |
|---|---|---|
| Under 90 days, up to UF 5,000 | 31.82% | 47.73% |
| 90 days or more, up to UF 50 | 32.82% | 41.02% |
| 90 days or more, UF 50 to 200 | 29.56% | 34.02% |
| 90 days or more, UF 200 to 5,000 | 20.02% | 30.03% |
| 90 days or more, over UF 5,000 | 6.70% | 10.05% |
| UF-indexed, 1 year or more, up to UF 2,000 | 4.32% | 6.48% |
| In foreign currency, up to UF 2,000 | 9.90% | 14.85% |
Source: CMF, Certificate No. 10/2026, Official Gazette of October 15, 2026. Annual rates; those for non-indexed peso transactions are simple rates.
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With the current TMC, a CLP 500,000 loan over 30 days cannot charge more than CLP 19,887 in interest (47.73% simple annual rate for 30 of 360 days). If the same amount is repaid in 12 monthly installments, the maximum legal installment is about CLP 51,494, counting only interest at the up-to-UF 50 bracket rate; insurance and fees are reported separately in the annual equivalent cost (CAE), which we explain in what the CAE is and how it is calculated. These are our own calculations with the rates from CMF, Certificate No. 10/2026, Official Gazette of October 15, 2026.
The cap applies to everyone who lends money, not just banks. In July 2026 the CMF fined the company Liquitech UF 500 for charging interest above the TMC in the second half of 2023 (CMF). Unregistered lending apps that charge far higher rates are illegal; how to spot them is in fast online loans and the maximum conventional rate.
How the legal cap has changed since 2015
Because it depends on the rates banks charge, the TMC rises when the monetary policy rate rises and falls when it falls. The October certificates of each year show the cycle: the maximum for loans of UF 200 to 5,000 went from 20.85% in 2021 to 31.44% in 2023, when the TPM was at its peak, and today it is 30.03%. For loans of under 90 days, the cap reached 69.45% in 2023. We explain the link with the TPM in the guide to the monetary policy rate.
View the data as a table
| Under 90 days | 90+ days, up to UF 50 | 90+ days, UF 200-5,000 | |
|---|---|---|---|
| 2015 | 30.57% | 36.28% | 22.92% |
| 2016 | 31.47% | 36.76% | 23.64% |
| 2017 | No data | 35.90% | 22.35% |
| 2018 | 31.35% | 35.22% | 21.33% |
| 2019 | 31.11% | 33.70% | 19.05% |
| 2020 | 32.43% | 34.10% | 19.65% |
| 2021 | 35.85% | 34.90% | 20.85% |
| 2022 | 68.64% | 41.92% | 31.38% |
| 2023 | 69.45% | 41.96% | 31.44% |
| 2024 | 49.80% | 38.10% | 25.65% |
| 2025 | 49.35% | 37.92% | 25.38% |
| 2026 | 47.73% | 41.02% | 30.03% |
View the data as a table
| Up to UF 50 | UF 50 to 200 | UF 200 to 5,000 | |
|---|---|---|---|
| Oct-25 | 37.92% | 30.92% | 25.38% |
| Nov-25 | 37.78% | 30.78% | 25.17% |
| Dec-25 | 37.88% | 30.88% | 25.32% |
| Jan-26 | 38.04% | 31.04% | 25.56% |
| Feb-26 | 40.20% | 33.20% | 28.80% |
| Mar-26 | 40.90% | 33.90% | 29.85% |
| Apr-26 | 40.60% | 33.60% | 29.40% |
| May-26 | 41.28% | 34.28% | 30.42% |
| Jun-26 | 41.42% | 34.42% | 30.63% |
| Jul-26 | 41.46% | 34.46% | 30.69% |
| Aug-26 | 41.50% | 34.50% | 30.75% |
| Sep-26 | 41.06% | 34.06% | 30.09% |
| Oct-26 | 41.02% | 34.02% | 30.03% |
Over the last twelve certificates, the maximum for the up-to-UF 50 bracket went from 37.92% in October 2025 to 40.20% in February 2026 and has stayed between 40% and 42% since then. The UF 200 to 5,000 bracket rose from 25.38% to about 30%. To compare what banks actually charge, below those caps, see how to compare consumer loans by rate and CAE.
What to do if you are overcharged
- Check the agreed rate in the contract or summary sheet and compare it with the TMC for the bracket in force when you signed.
- Complain to the lender in writing and keep the receipt.
- Go to the CMF if it is a bank, supervised cooperative or card issuer, or to Sernac in other cases.
- By law, interest above the TMC is reduced to the current rate, under Law 18,010.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
Frequently asked questions about the TMC
What is the maximum conventional rate in November 2026?
Until November 14, 41.02% a year for loans up to UF 50 over more than 90 days and 47.73% for loans under 90 days. The new certificate is published around November 15.
Who sets the maximum conventional rate?
The CMF, every month, based on the current rate banks charge, under Law 18,010.
Does the maximum conventional rate include insurance?
No. The TMC caps the interest rate. Insurance and fees are added in the CAE, which is used to compare total cost.
What happens if a loan exceeds the maximum conventional rate?
The interest is reduced to the current rate and the lender can be sanctioned; charging abusive interest can constitute the crime of usury.
