I found one, but it costs $1.99, which I didn't mind much (At least I don't get pesky ads). I bought a different Calendar which also cost money, but it had the exact same issue as the standard calendar in the reminder/alarm area.
It's named miCal
★ Award winning App: "App-Developer Conference 2010" and third at "Best iPhone App"
★ Listed in "iTunes Rewind 2010" in productivity
★ Recommended as "App of the Week" in 13 countries
Seems very decent, I might post updates on what I think about it. It has more options for default times in terms of intervals.
The Alarm screen displays this :
It has tons of features and settings, which might take some time if I sit down and check it all