Fringe benefits: employer-provided interest-free or concessional loans treated as taxable perquisites with SBI-rate valuation. Interest-free or concessional loans made available to an employee or a member of his household by the employer or any person on his behalf are treated as perquisites under Section 17(2)(viii) and valued for tax purposes by reference to the interest rate charged by the State Bank of India as on the first date of the relevant previous year for loans of the same purpose, applied to the maximum outstanding monthly balance reduced by interest actually paid, with specified exemptions.