How often does the MCLR rate change?

The MCLR (Marginal Cost of Funds based Lending Rate) is generally reviewed and revised by banks on a monthly basis. The frequency of changes in the MCLR rate may vary among different banks. Some banks may review and update their MCLR rates on a quarterly or halfyearly basis. The specific schedule for revising the MCLR rate is determined by each bank and is influenced by various factors such as market conditions, cost of funds, and the monetary policy of the Reserve Bank of India (RBI). It's important to note that the MCLR rate is typically applicable to new loans sanctioned by banks and not to existing loans, which may be linked to the Base Rate or other benchmark rates as per the loan agreement. To get the most accurate and uptodate information on MCLR rate changes, it is recommended to check with the respective bank or financial institution directly.