As per Income Tax rules if Interest free/concessional loan is provided by the employer to employee , it will be treated as perquisite to the employee and it as per Income tax rules , it valuation should be done and added to the income of the the employee.For interest free/concessional loan valuation interest rate of State Bank of India as applicable on first day of the financial year is to be considered. For Financial year 2012-13 , interest rate as applicable on 01.04.2012 is required ,which has been provided in the table below.
State Bank of India: Interest Rates on 1st April, 2012 ,For the purpose of computing perquisite valuation
Interest rates as on 1st April, 2012 on various loans in Personal Segment advances are as under –
Home Loan Scheme
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Loan Amount
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Linkage with Base Rate
over the tenor of the loan
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Effective
Rate
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Upto Rs. 30.00 lacs
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0.75% above Base Rate
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10.75% p.a.*
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Above Rs. 30.00 lacs and upto Rs. 75.00 lacs
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1.00% above Base Rate
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11.00% p.a.*
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Above Rs. 75.00 lacs
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1.25% above Base Rate
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11.25% p.a.*
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No fixed rate option in any limit bracket.
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* A concession of 0.25% in card interest rate over the tenor of
Home Loan is available under ongoing special Home Loan campaign upto
30.09.2012.
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SBI Car Loan Scheme
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For all tenures
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For Term Loan:
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1.25% above Base Rate,
i.e. 11.25% p.a.
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For Overdraft:
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1.75% above Base Rate,
i.e. 11.75% p.a.
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NRI Car Loan
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1.25% above Base Rate
i.e. 11.25% p.a.
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For all tenures
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Two- Wheeler Loan
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Up to 3 years
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8.25% above Base Rate
i.e. 18.25% p.a.
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Used Vehicles
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Up to 3 years
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7.25% above Base Rate
i.e. 17.25% p.a.
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Above 3 yrs
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7.50% above Base Rate
i.e. 17.50% p.a.
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Certified Pre-owned Car Loan scheme
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Up to 3 years
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6.00% above Base Rate
i.e. 16.00% p.a.
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Above 3 yrs
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6.50% above Base Rate
i.e. 16.50% p.a.
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SBI Student Loan Scheme
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For loans upto Rs.4 lacs
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3.50% above Base Rate,
currently 13.50% p.a.
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Above Rs.4 lacs and upto Rs.7.50 lacs
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3.25% above Base Rate,
currently 13.25% p.a.
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Above Rs.7.50 lacs
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2.00% above Base Rate,
currently 12.00% p.a.
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Xpress Credit
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Type
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Facility
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Rate of Interest
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Demand Loan
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Check-off from Employer
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5.00% above Base Rate
Floating, currently 15.00% p.a.
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SBI Saral Personal Loan
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Demand Loan
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Check-off from Employer
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8.50% above Base Rate
Floating, currently 18.50% p.a.
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Loans against NSCs/KVPs/RBI Relief Bonds/Surrender Value of SBI
Life /LIC/SBI Magnums, etc.
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Upto 3 years
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4.50% above Base Rate,
currently 14.50% p.a.
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More than 3 years and below 6 years
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4.50% above Base Rate,
currently 14.50% p.a.
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Loan against Gold Ornaments
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Upto Rs. 1,00,000/-
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4.25% above Base Rate
Floating, currently 14.25% p.a.
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Above Rs. 1,00,000/-
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4.75% above Base Rate
Floating, currently 14.75% p.a.
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