MCLR is based on the bank’s own cost of funds and resets every six months or year, so it moves more slowly than repo-linked rates. Borrowers with older MCLR-linked home loans can often save by switching to a repo-linked rate, sometimes for a small fee.
Finance glossary
What is MCLR?
The Marginal Cost of Funds based Lending Rate, an internal benchmark banks used for loans taken between 2016 and 2019.