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Bc and Be parameters should be bits, not bps.
Is there a way to I find out the Time Interval which is being used by the policy?
Sometimes it's shown, but given CIR and Bc, Tc = Bc / CIR
What would be recommended in the above case?
Insufficient information about the cause of the drops and/or your service requirements.
Shapers, like interfaces, if overdriven will drop packets. And/or, one or more of your queues are insufficient sized for the BDP of a 20 Mbps WAN link.