By S Rubatheesan
A villager from Kurumpachchi, Manmunai of Batticaloa, obtained a loan of Rs. 200,000 from an individual last year at a daily high-interest rate for emergency purposes, as he couldn’t access credit from lending institutions. He was charged Rs 3.2 million as interest alone for a year.
Unable to repay the interest and capital, the person had to sell his property to the lender from the nearby village of Onthachchimadam by transferring the house deed.
Hundreds of individuals in rural villages have become victims of the loan sharks and unregistered microfinance companies in the region, where most of them are engaged in agriculture and fishing.
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