Contract default rate
In terms of the number of loan contracts, default rates are 20.10 percent, 25.92 percent and 21.62 percent for formal, informal and semi-formal loans, respectively. It Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall accrue interest at a fixed per annum rate The rate of interest upon the loan or forbearance of any money, goods or thing in Act, to receive or to contract to receive and collect interest and charges at any rate or for each loan installment in default for a period of not less than 10 days,