State Bank of India [Get Quote] said on Friday it will freeze interest rates on new car loans at 10 per cent for a year.

The bank also slashed lending rate on credit to farmers against cold storage and warehouse receipts to 8 per cent, a bank release said.

The new rates will be applicable to all customers availing loans between February 23 and May 31, 2009, the bank said.

After the freeze-period, the rates will be reset at the applicable card rate contracted as on the date of sanction under the respective schemes, the bank said.