Since October 2019, banks must link new floating-rate retail and small business loans to an external benchmark such as the repo rate. Your rate is the benchmark plus a spread fixed at the start. When the repo rate changes, your loan rate changes too, with the reset at least once every three months.
Finance glossary
What is External Benchmark Lending Rate (EBLR)?
A loan interest rate linked to an external benchmark, usually the RBI repo rate, plus a fixed spread.