Chengalpattu (Tamil Nadu): Family members of a young man from Chengalpattu in Tamil Nadu, who committed suicide after he was humiliated by recovery agents for not repaying loan applied using an 'instant loan app' are unable to come to terms with its loss. The family has demanded a ban on illegal loan apps.
Gone are the days of running from pillar to post to obtain a loan from banks. Nowadays instant loan apps provide loans to the needy without sweat in just two minutes. At the same time, such transactions come with their own dangers and troubles. The easy instant loan obtained to meet the immediate expenditure causes problems including increasing of interests and debt. These instant apps are causing serious hardship to the people. They also cause not only a loss of money but also the life of the people.
Vivek, a youth from Palayanoor Salai of Chengalpattu district committed suicide by jumping into a well a few days ago. The reason - he obtained a loan of just Rs 4000. Vivek was working in a private concern. He took the amount from an instant loan app to meet the medical expenditure of his father.
Since then the app imposed on him an interest of Rs 300 per week. As he failed to repay the principal amount with interest, the company which offered him the loan posed him trouble and mental agony in many ways.
Vivek committed suicide after he was humiliated by the instant loan app.
The app collected all the contact details from his mobile phone and humiliated him by sending SMS to his relatives, friends and local residents stating that Vivek duped the company after collecting the loan. It caused him serious mental agony. Embraced by their action, Vivek resorted to the extreme step. As Vivek is the only son in the family, they are standing at the crossroads and unable to come to terms with his untimely demise at the young age.
Also read: Telangana: 6 held in connection with instant personal loan Apps fraud case
After many people committed suicide due to debt the government had banned several such apps including online rummy app recently. When downloading these apps, permission for sharing or monitoring details stored, including to view contact numbers, SMS in the cellphone would be sought. “We must be vigilant in giving permission/approval for such apps”, says an expert. They have recommended not to download, loan app and online gambling apps.
Meanwhile, the Reserve Bank of India had banned 60 illegal online loan apps. “These apps steal information from a person and resort to illegal activities. Hence, none should use these illegal apps and share aadhar card and bank details”, warns Cyber Crime police.
The police also appealed the people to inform them as soon as they were threatened by these apps. This would enable the cops to resort to swift investigation and arrest the culprits. They also suggested the people ascertain the authenticity of these apps.
The RBI has also issued a communication not to go for illegal apps offering short term loans as it is against the law. The RBI has also appealed the people to inform them about such instant loans.
