Mumbai, March 4 :    Mumbai, March 4:  State Bank of India's (SBI) loan growth rate may dip to 10 per cent in the current financial year, from 17 per cent recorded in the previous financial year ending March 2001. The lower growth is largely due to the prevailing industrial slowdown. State Bank chairman Janki Ballabh indicated this to reporters here today. He, however, added that growth rate of the bank's loans would pick up in the next financial year fuelled by growth in the manufacturing sector. 'We have seen the worst of times in the past year because of the slowdown, particularly in the manufacturing sector, which absorbs the maximum bank credit,' he said. However, he added, that there are signals which point to the fact that the manufacturing sector is doing better. This trend could lead to an increase in demand for bank loans next financial year. The chairman also said that despite loans to the commercial sector recording lower growth, the bank is experiencing good growth rates in the personal loan category. Personal loans accounted for about 16 per cent of State Bank's total loans. Ballabh said this category is experiencing more than 25-30 per cent growth which is the industry average in recent years. The bank is selling its retail products through a giant branch network, he said. Once the government allows banks to sell insurance products, State Bank plans to sell insurance products through at least 500 branches.