The State Bank of India (SBI) has slashed lending rates on car and home loans by up to 0.5 per cent.SBI has reduced interest rate on home loans of up to 30 lakh rupees to 10.25 per cent from the existing 10.50 per cent. On home loans of beyond 30 lakh rupees but less than 75 lakh rupees, the new rate will be 10.40 per cent against the existing 10.75 per cent, down 0.35 per cent.With regard to car loans, the reduction is to the extent of 0.5 per cent. The new rates will be effective from the 7th of August.