Could some one tell me what are the SBI lending rates for valuation of perquisites ?
to be used for valuation of perqs in the form of concessional rate loan by employer.for financial year 2011-12 - relevant to AY 2012-13.
Regards & thanks
Rajendra Parakhi
U SHOULD USE RATES AS ON 1.4.11 AVAILANLE ON SBI'S SITE
https://www.sbi.co.in/user.htm
State Bank of India: Interest Rates on 1st April, 2011
For the purpose of computing perquisite valuation
Interest rates as on 1st April, 2011 on various loans in Personal Segment advances are as under –
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1. Home Loans |
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Loan amount |
Upto Rs.30 lacs |
Above Rs. 30 lacs to Rs. 75 lac |
Above Rs.75 lac to Rs.5 Cr. |
Above 5 cr. |
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|
Interest rate during 1styear |
8.75% . |
8.75% . |
10% |
10.25% |
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Interest rate during 2nd & 3 rd year |
9.50%. |
9.50% |
10% |
10.25% |
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Interest rate from 4th year onwards |
9.75% |
10.00% |
10% |
10.25% |
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2. Car Loans |
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Loan amount |
Below Rs.5 lacs |
Rs.5 lacs and above |
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Interest rate during 1styear |
9.25% p.a. |
9.25% p.a. |
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Interest rate during 2nd & 3 rd year |
10.25% p.a. |
10.25% p.a. |
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Interest rate for 4th & 5th year |
11.25% |
11.00% |
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Interest rate for 6th & 7th year |
11.25% |
11.00% |
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Used Cars |
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Up to 3 years |
15.50 % |
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Above 3 years and upto 7 years |
15.75 % |
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3. Two wheeler |
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Upto 3 years |
16.50% |
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4. Education loans |
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SBI Student Loans* |
upto Rs.4 Lac – 12.00%
Loans above Rs.4 Lac and upto 7.50 lacs – 13.50%
Loans above Rs.7.5. Lac- 12.5% |
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5. Personal loans |
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Xpress credit (Demand Loan) |
13.25% TO 15.25% |
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Xpress credit (Overdraft) |
No Overdraft |
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SBI Saral |
16.75% |
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6. Loans against NSCs/KVPs/RBI Relief Bonds/Surrender value of SBI Life/LIC/SBI Magnums etc. |
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Upto 3 years |
12.75% |
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More than 3 years and upto 6 years |
12.75% |
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7. Loans against Gold Oranaments |
Upto Rs.1 lac:12.50%
Above Rs.1 lac:13% |
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* 0.50% additional concession for girl students w.e.f.02.03.2009
Can you please tell me how should the term "relevant previous year " be interpreted in this section.I.e.whether the previous year in which the loan was taken or the year for which perquisite is to be valued.
If Housing loan has been given at concessional rate during FY 2011-12 when SBI rate was 8.75% and then on 01-04-2012 if SBI rate is 10.25% which will be considered for FY 2012-13 then how to compute perquisite value of loan in currenet year (i.e. FY2012-13) which was disbursed in FY 2011-12
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