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SBI Lending Rates

RAJENDRA PARAKHI (MANAGER-FINANCE & ACCOUNTS) (60 Points)

10 July 2011

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

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3 Replies

Bhargav (Practising CA) (567 Points)
Replied 11 July 2011

U SHOULD USE RATES AS ON 1.4.11 AVAILANLE ON SBI'S SITE

https://www.sbi.co.in/user.htm

Interest Rates as on 01-04-2011

[Print Page]

State Bank of India: Interest Rates on 1^st April, 2011

For the purpose of computing perquisite valuation

Interest rates as on 1^st April, 2011 on various loans in Personal Segment advances are as under –

1. Home Loans
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.
Interest rate during 1^styear	8.75% .	8.75% .		10%	10.25%
Interest rate during 2^nd & 3 rd year	9.50%.	9.50%		10%	10.25%
Interest rate from 4^th year onwards	9.75%	10.00%		10%	10.25%
2. Car Loans
Loan amount	Below Rs.5 lacs		Rs.5 lacs and above
Interest rate during 1^styear	9.25% p.a.		9.25% p.a.
Interest rate during 2^nd & 3 rd year	10.25% p.a.		10.25% p.a.
Interest rate for 4^th & 5^th year	11.25%		11.00%
Interest rate for 6^th & 7^th year	11.25%		11.00%
Used Cars
Up to 3 years	15.50 %
Above 3 years and upto 7 years	15.75 %
3. Two wheeler
Upto 3 years	16.50%
4. Education loans
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%
5. Personal loans
Xpress credit (Demand Loan)	13.25% TO 15.25%
Xpress credit (Overdraft)	No Overdraft
SBI Saral	16.75%
6. Loans against NSCs/KVPs/RBI Relief Bonds/Surrender value of SBI Life/LIC/SBI Magnums etc.
Upto 3 years	12.75%
More than 3 years and upto 6 years	12.75%
7. Loans against Gold Oranaments	Upto Rs.1 lac:12.50% Above Rs.1 lac:13%

* 0.50% additional concession for girl students w.e.f.02.03.2009

Anu Agarwal (Manager-Audits) (173 Points)
Replied 24 February 2012

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.

YOGESH UDHOJI (Service) (22 Points)
Replied 29 November 2012

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