SBI Interest Rates for valuation of perquisites

How To Value This Perquisite
The valuation will be done the basis of interest charged by State Bank of India on first day of relevant previous year .So for the Financial year 2009-10 the rate of SBI as on 01/04/2009 will be applicable .So if Loan to employee or his household is provided at a rate less than SBI rate on first day of the previous year then the difference of interest will be charged as perquisite in hands of employee.So if the Interest rate on which loan is provided is more than Rate charged by SBi on relevant date ,then valuation of the perquisite will be nil.Process to calculate the perks value is Given below.

Find Out the Maximum outstanding monthly balance For each loan on the last day of each month.
Find Out the rate of interest Charged by the SBI on that type of loan on the first day of relevant previous year (for FY 2009-10 check rate as applicable on Loan from SBI on 01.04.2009)
Calculate interest on amounts given in (1)for the full financial year above @ rate of SBI as per (2) above and deducte interest recovered from the employee.
The balance will be taxable as perquisites in hand of employee.

Rates Of the SBIN is Given in the Table Given below

Rates charged by SBI as on 01.04.2009
Type of Loan		Amount
House Loan	period	up to 30 Lakh	30-75 lakhs	above 75 lakhs
	up to 5 years	9.75	10.25	10.25
	5-to10 years	10.00	10.50	10.50
	>10- upto 15 years	10.00	10.50	10.50
	>15- up to 20 years	10.25	10.75	11.00
	>20-upto 25 years	11.00	11.00	11.00
Car Loan		up to 7.5 lakh	>=7.5 lakh
	up to 3 years	11.75	11.50
	>3-up to 5 years	11.75	11.75
	>5 upto 7 years	12.00	12.00
Two wheeler		any amount
		16.25
Education loan		upto 4 lakh	4 lakh to 7.5	above 7.5 lakh
	Girl student	11.25	12.75	12.00
	Boy student	11.75	13.25	12.50
Personal Loan		any amount
		16.50
Loan Esop		14.50

Now calculate yours Interest Free loan perks from calculator given below

Relevant provision as per rule 3A as amended on 18/12/2009
(i) The value of the benefit to the assessee resulting from the provision of interest-free or concessional loan for any purpose made available to the employee or any member of his household during the relevant previous year by the employer or any person on his behalf shall be determined as the sum equal to the interest computed at the rate charged per annum by theState Bank of India, constituted under the State Bank of India Act, 1955 (23 of 1955), as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it on the maximum outstanding monthly balance as reduced by the interest, if any, actually paid by him or any such member of his household:
Provided that no value would be charged if such loans are made available for medical treatment in respect of diseases specified in rule 3A of these Rules or where the amount of loans are petty not exceeding in the aggregate twenty thousand rupees:
Provided further that where the benefit relates to the loans made available for medical treatment referred to above, the exemption so provided shall not apply to so much of the loan as has been reimbursed to the employee under any medical insurance scheme.