Personal loans in Chile 2026: where they cost least and what borrowing CLP 500,000 to 7 million costs

Data as of November 9, 2026. A personal loan of CLP 1,000,000 over 24 months can cost a total of anywhere from CLP 1,191,984 to CLP 1,573,428, depending on the lender: a CLP 381,444 gap for the same money. These are the figures reported by 17 banks, credit unions and family allowance funds in the Sernac, Consumer Loan Comparator, data reported by each lender, accessed on November 8 and 9, 2026, with life insurance included. On a CLP 7,000,000 loan over 48 months, the gap widens to CLP 4,201,873.

In Chile, a peso personal loan repaid in installments is legally a consumer loan (crédito de consumo). Sernac, the national consumer agency, publishes an official comparator with what each lender reports for amounts of CLP 500,000 to 7,000,000 and terms of 12 to 60 months. We picked eight common combinations and recorded the total cost of the loan (CTC), which adds up principal, interest, taxes, fees and insurance:

Source: Sernac, Consumer Loan Comparator, data reported by each lender, accessed on November 8 and 9, 2026. Scenarios with life insurance. The total cost depends on the rate each lender reports for that amount and term; the one you are offered may differ after your assessment. Banco Internacional does not appear in the CLP 500,000 scenario.

The pattern holds across every amount: Bice reports the lowest total cost in all eight scenarios, with Scotiabank and Internacional right behind in almost all of them. The most expensive varies: in most cases it is Banco de Chile, and in two CLP 2 million scenarios it is Caja La Araucana. The CAE that fund reports in the comparator (0.40) is not a valid percentage, so we leave it out of the CAE rankings.

We grouped the lenders in the CLP 1 million, 24-month scenario by type. Banks span the widest range: they include both the cheapest and the most expensive. Credit unions sit in the middle, and family allowance funds (cajas de compensación), which lend mainly to member workers and pensioners, are at the top end. Each type is covered in our guides to family allowance fund loans and savings and credit cooperatives.

Source: Sernac, Consumer Loan Comparator, data reported by each lender, accessed on November 8 and 9, 2026. CLP 1,000,000 over 24 months with life insurance. The CCAF CAE range excludes Caja La Araucana.

Credit life insurance pays off the debt if the borrower dies and is generally optional on consumer loans. The comparator shows both cases. For CLP 1,000,000 over 24 months, 14 lenders report the version without insurance; at the cheapest, the total cost falls from CLP 1,191,984 to CLP 1,171,104.

More on how that premium is calculated and what each bank charges in our guide to credit life insurance.

Each lender sets its own requirements, but the assessment almost always looks at the same things: provable income (payslips, fee receipts or pension), job tenure, existing debts and their weight on income, and payment history. People with recorded arrears find fewer doors open; we explain it in loans with a Dicom record: who lends. Family allowance funds require membership as a worker or pensioner.

Whatever the lender, no peso loan may carry interest above the CMF's maximum conventional rate. The CAE can exceed it because it also includes fees, taxes and insurance; the cap applies to the interest rate.

Source: CMF, Certificate No. 10/2026 on current and maximum conventional interest. Annual rates; peso amounts using the UF of November 9, 2026 according to the SII. Loans offered outside this framework, especially through apps, are reviewed in fast online loans and illegal apps.

• Good track record and formal income: the banks with the lowest reported cost in the comparator are the starting point for quotes, but the final rate depends on the assessment.
• Small amounts (under CLP 1 million): the peso gap is smaller but the percentage is high: CLP 500,000 over 12 months ranges from CLP 553,152 to CLP 652,148.
• Fund members or credit union members: they can access payroll deduction, in exchange for a generally higher total cost.
• Several expensive debts: before a new loan, it is worth weighing consolidation; see debt consolidation.

If you want the full CAE ranking of every lender, we publish it in the best consumer loans of 2026.

Where is a personal loan cheapest?

In Sernac's comparator, accessed on November 8 and 9, 2026, Bice reported the lowest total cost in all eight scenarios reviewed, followed in almost all of them by Scotiabank and Banco Internacional. The actual offer depends on your assessment.

How much does a CLP 1 million loan cost?

Over 24 months with insurance, between CLP 1,191,984 and CLP 1,573,428 in total; over 12 months, between CLP 1,104,648 and CLP 1,301,700.

How much does a CLP 7 million loan cost?

Over 48 months with insurance, between CLP 9,607,440 (Bice) and CLP 13,809,313 (Banco de Chile).

Is a personal loan the same as a consumer loan?

Yes. In Chile, a cash loan to an individual for personal spending is regulated as a consumer loan, and lenders must disclose the CAE and total cost before signing.

Is credit life insurance mandatory?

It is generally optional on consumer loans; Sernac's comparator shows the cost with and without insurance so you can compare.

This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.