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L&T Finance unit cuts interest rates

l&t-financeL&T Infrastructure Finance Company Ltd – belonging to the engineering conglomerate Larsen & Toubro Ltd (L&T) – reduced its prime lending rate by 0.25% to 15.50% per year effective 15th Sept, the company said.

“This revised PLR shall be applicable in respect of both existing loans and new disbursals, in accordance with the relevant clauses in the Facility Agreements,” it said.

L&T Infrastructure Finance Company Ltd is a wholly-owned subsidiary of L&T Finance Holdings Ltd. The unit has a an asset (loan) book of over Rs 20,000 crores as of 30 June 2015.

“Consequent to the reduction in RBI’s repo rate, the cost of borrowings for banks and financial institutions – including for L&T Infra Finance has also been reduced. Accordingly, in order to pass on the benefit of such reduced borrowing costs to its customers, L&T Infra Finance has decided to
L&T Infra Finance would continue to monitor the monetary policy measures by RBI, and review its PLR periodically,” the company added.

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