Santosh committed suicide by hanging himself in his house yesterday, they said.
The deceased had taken multiple loans which he was unable to repay, family sources said, adding that the first time was for the marriage of his daughter eight years ago.
He had taken another loan from a bank two years ago through a kisan credit card.
As he was not able to make ends meet, he also raised money through local lenders who were pressurising him to repay.
Meanwhile, officials said that the reasons behind the alleged suicide are under investigation and stern action would be taken against money lenders if found guilty.