A 22-year-old engineering 3rd year student died by suicide at his residence in Bengaluru on Tuesday allegedly after being harassed by recovery agents for failing to pay back money he had borrowed from three instant loan apps.
Deceased was identified as Thejas Nair, a resident of HMT Staff Quarters in Jalahalli. Thejas was a sixth-semester mechanical engineering student at a private college near Yelahanka. According to his father, Gopinath Nair, his son had first borrowed money from his cousins and to repay them, he went to the apps. “He had borrowed around Rs 30,000 including interest and late fee charges he had to pay back around Rs 45,000,” Gopinath said.
The incident came to light around 7 pm on Tuesday when Thejas’s father Gopinath Nair returned home after dropping his daughter at a nearby tuition centre. Gopinath rushed Thejas to a hospital but he was declared dead on arrival.
Based on Gopinath’s complaint, the Jalahalli police have registered a case of unnatural death. The police have initiated a preliminary probe to ascertain the extent of Thejas’s borrowing activities, repayment details and other information. His mobile phone will be sent to the cybercrime department for further investigation, police officials said.
According to the police, Thejas left behind a note explaining that his decision was driven by his inability to repay the loans. “I am sorry mom and dad for whatever I did. I have no other choice than this. I am unable to pay other loans that are there in my name and this is my final decision. Good Bye,” he said in his note.
Speaking to the media, Gopinath said his family was ignorant about the loans until a relative brought it to his attention when Thejas sought money. Gopinath said he confronted his son and only then did he discover what his son had been facing.
Gopinath said that Thejas had borrowed the loan for the first time to give it to a friend who had assured him he would pay the EMI but later did not.
“After Thejas did not pay up, some miscreants created morphed images of Thejas and started to share them with his friends and relatives. He paid Rs 4,000 and I told him to focus on his studies but he gave up his life,” Gopinath said.
How to avoid such situation?
Here are 5 points by which this type of incidents can be avoided:
- Do your research before taking a loan from a loan app. Make sure that the app is legitimate and that the lender is reputable. You can check the app’s rating and reviews on Google Play Store or App Store. You can also check whether the NBFC (Non-Banking Financial Company) or bank they are linked to is accredited by the RBI.
- Only borrow what you can afford to repay. Don’t be tempted to take out a loan that you can’t afford to repay, even if the interest rates are low.
- Read the terms and conditions carefully before you take out a loan. Make sure you understand the terms of the loan, including the interest rates, fees, and repayment schedule.
- Be aware of the signs of loan app harassment. If you are being harassed by loan app operators, don’t ignore it. Report the harassment to the police or to the RBI.
- Seek help if you are struggling to repay your loan. There are many organizations that can help you, such as the National Consumer Helpline (NCH) and the RBI’s Sachet portal.
Here are some additional tips to help you avoid loan app harassment:
- Don’t give out your personal information to loan apps unless you are sure they are legitimate. This includes your name, address, phone number, and bank account details.
- Don’t install loan apps from untrusted sources. Only download apps from the Google Play Store or App Store.
- Be careful what permissions you give to loan apps. Don’t give them permission to access your contacts, photos, or other personal information.
- If you are being harassed by loan app operators, block their numbers and emails. You can also report the harassment to the police or to the RBI.