Request for switch from existing spread over RPLR to higher spread loan

Question

I am currently paying monthly EMI's towards my home loan. The current rate of interest being charged from me is 8.5% whereas the prevailing market rate is 6.75%. Upon request to the bank to consider a reduction in my interest rate, they have given me a form whose subject says the following:
Request for switch from existing spread over RPLR to higher spread loan
Could someone please explain to me what does this sentence actually mean, specifically, higher spread loan? Am I at any disadvantage here by agreeing to these terms?

RiverNet · Answer

I found an article that seems to explain much of what you're trying to understand here.  It seems that the rate used for your loan's interest is based upon two different benchmarks, BPLR (Benchmark Prime Lending Rate) and RPLR (Retail Prime Lending Rate).
Unfortunately I can't cut and paste a quote from the article (the page won't let me), so I will give you the link.  The explanation seems a bit technical too, but it is thorough.
https://www.nitinbhatia.in/home-loan/floating-home-loan-bplr-vs-base-rate/

Request for switch from existing spread over RPLR to higher spread loan

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