The incident occurred yesterday when Kashiram Mudhalkar and his son Anil hanged themselves from a teak wood tree, said Arni police station sub-inspector Sanjay Bharati.
Anil was apparently suffering from depression and Kashiram had borrowed heavily for his son's treatment and that may have led to him taking the extreme step, he said.
According to family members of the deceased, Kashiram owed Rs one lakh to a local credit society and some amount to a private money lender.
According to the police, Anil was discharged from an Akola-based private hospital, where he was undergoing treatment for his mental condition, on Monday only.
The last rites of the duo were held today.
Kashiram is survived by his wife, four daughters and four sons.
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