Bengaluru : State-run Canara Bank on Wednesday revised its Marginal Cost of Funds-based Lending Rate (MCLR) on advances from January 7. "Overnight lending rate will be 8.20 per cent, one month rate 8.25 per cent, three-month rate 8.30 per cent, six-month rate 8.40 per cent and one year 8.45 per cent," said the city-headquartered bank in a statement here.

The lowering of the interest rate by the leading bank comes days after State Bank of India, Punjab National Bank and other banks, including private ones,had announced similar reduction in their lending rates since Sunday. "All rupee loans sanctioned and credit limits renewed from January 7 will be priced with the revised lending rate," added the statement.-Agency