Initially, yes. A benefit on such a loan arises unless interest is paid on it for that year.
Clearly you will be paying interest for the year, but as yet it is not actually paid and therefore cannot be taken into account. If the interest is paid prior to the P11D return date, then it can be accounted for and the benefit will be negated but if it does not become payable until after that date, then the benefit should be reported on form P11D.
When the interest is subsequently paid, a retrospective claim for relief may be made. Such a claim should be admitted, though it is important to note that in order for interest to be allowed, it must be demonstrable that a legal obligation to pay the interest existed during the income tax year concerned. It is not sufficient to simply volunteer to pay interest in order to try and avoid a benefit