I meant 18% default rates, not interest rates. But I'm still surprised there are 18% interest loans in India even though I was aware of the going 8~9% CD rates (am Indian).
Rates can be much higher in informal lending space (I have myself heard cases of more than 70% annualised rate, charged over a smaller duration). Borrowers in that space can benefit by moving to a more efficient platform like Credy.