Can a borrower switch from MCLR to Base Rate or vice versa?

In India, the Reserve Bank of India (RBI) has mandated that all new loans offered by banks be linked to the Marginal Cost of Funds Based Lending Rate (MCLR) or any other external benchmark prescribed by the RBI. As per the guidelines, borrowers have the option to choose either the MCLR or the external benchmarkbased lending rate for their loans. However, once a borrower chooses a particular benchmark, it is generally not possible to switch between MCLR and Base Rate for the existing loans. It is advisable to check with your lender for specific details and options available regarding switching between different lending rate systems.