Ramadoss wants ban on online ‘usurious’ loan companies
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PMK founder S. Ramadoss on Friday demanded a ban on online cellular purposes that give simple loans at excessive charges to younger folks.
In a press release, he mentioned these loan companies have been contacting children and giving them loans, with none doc, by way of cell phone purposes. “They are taking the names, numbers and addresses of all their relatives, co-workers and friends. Loans to the tune of ₹5,000-₹50,000 are being given without any collateral or document. However, ₹1,500 is being deducted from a small loan of ₹5,000,” he mentioned.
Dr. Ramadoss mentioned a youth from Adambakkam, Chennai, was subjected to immense strain and humiliation by these companies as he was unable to repay his loans. “He then took his own life. Another youth had taken loans from another company to pay off his loans and at one point, unable to bear the stress, he took his own life. Yet another youth ran up lakhs of rupees in debt. And the representative of the company contacted the company where he worked, leading to his dismissal. Now, he has no job and no means of repaying his loans,” he mentioned.
While usurious loans are banned in India, and it’s unlawful to publish the pictures of those that are unable to repay loans, these online loan suppliers cost as much as 30% in curiosity and are defaming the debtors. “It is condemnable that no action is being taken against them. Online usurious loans should be banned. If not, the number of people killing themselves would only increase,” he mentioned.
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