  We investigate the structural, magnetocrystalline anisotropy, critical
behaviour, and magnetocaloric effect in the layered room-temperature monoclinic
ferromagnet Cr$_{1.38}$Te$_2$. The critical behavior is studied by employing
various techniques such as the modified Arrott plot (MAP), the Kouvel-Fisher
method (KF), and the critical isothermal analysis (CI) around the Curie
temperature ($T_C$) of 316 K. The derived critical exponents are
self-consistent and obey the rescaling analysis. The Monte-Carlo simulations
reproduce the experimentally obtained critical exponents. However, the derived
critical exponents do not suggest any single universality class of the magnetic
interactions. On the other hand, the renormalization group (RG) theory suggests
3D-Ising type long-range exchange interactions [$J(r)$], decaying with distance
($r$) as $J (r) = r^{-(d+\sigma)}= r^{-4.73}$. Further, magnetocrystalline
anisotropy energy density (K$_u$) is found to be temperature dependent. The
ground state magnetic easy-axis ($b$-axis) is identified by analyzing the
magnetocrystalline anisotropy energy (MAE) using the density functional theory
calculations. Maximum entropy change -$\Delta S_{m}^{max}$$\approx$2.51 J/kg-K
is found near the $T_C$.
