Punjab, Sep 12, 2019: After his father and grandfather ended their life over the loan, 22-year-old Barnala man also got stuck in this spiral of debt. Lovepreet Singh, 22, consumed poison at his home in Bhotna village on Wednesday after he couldn’t repay the amount, police said as to Yahoo reported.
As per the Punjab government commitment, Lovepreet was entitled to a loan waiver up to 5 lakh but got a waiver of 57,000.
While the unpaid loans total around Rs 9 lakh, the Singhs’ own just an acre land. Of 8.57 lakh, the Singhs took a loan Rs 6 lakh from private money lenders and 2 lakh from banks over several decades.
The first suicide in this family took place 40 years back when Lovepreet’s great grandfather Joginder Singh ended his life. His son and Lovepreet’s grandfather Bhagwan Singh also committed suicide 25 years back after he failed to pay off the loans.
Kulwant Singh, Lovepreet’s father, too couldn’t take the stress. He ended his life in 2018. Lovepreet’s great grandfather’s brother had also ended his life.
Punjab government’s farmer loan waiver scheme has failed to stop farmer suicides in the state with over 60 farmers committing suicide after the state government launched its loan waiver scheme.