SBI, ICICI extend festive loan offer to January 31

State Bank of India (SBI) and ICICI Bank have extended their limited period festival offers, providing lower interest rates on new home and other retail loans, till January 31. SBI reduced interest rates on new home, car, truck and farm equipment loans by 50 to 200 basis points from October 8, 2007, as a special offer. On October 10, 2007, ICICI Bank, the largest private sector lender, cut interest rates on floating rate home loans by 50 basis points to 11 per cent and on other retail loans by 25-50 basis points.