If the agreed rate is exceeding 15% it is against the Act Prohibiting Excessive interest Rate of 1932.And As a result, the agreed interest rate is void. The creditor will get only the interest rate is void. The creditor will get only the only the interest rate during default 7.5 % per year Note that excessive interest that has been paid by the debtor cannot be claimed back under article 401 In practice, small lenders do it at random, some require as high as 20% per day. No one complains about that, and as a result no any police arrest them.