SBI cuts rates for new retail loans

State Bank of India (SBI) said on Wednesday that it had cut interest rates on new loans for homes, automobiles and farm equipment in a festival season offer that runs until the end of 2007.

Home loan rates were lowered by 0.50-1.0 per cent, while loans for cars and two-wheelers have been reduced by 1.0 per cent, the bank said in a statement.