This is a short and powerful hymn on Nrusimha recited for being relieved of debts.
What is ṛṇa?
ṛṇa means debt. It also means anything which is owed. ṛṇa can mean guilt. Obligation in certain contexts. Rna can be used to indicate bondages, karmic debts too.
Rna also represents three main debts of life – deva rna, pitra rna, rishi rna which has to be repaid in certain ways by means of indulging in certain actions. When these three debts are repaid, karmic debts are also cleared, one gets liberated. In the highest sense, when we pray through this hymn to lord nrusimha, he frees us from the debts and blesses us with liberation.
We face hindrances and obstacles in achieving and accomplishing in life be it achieving the four main accomplishments of like (dharma (righteousness) artha (wealth), kama (desire) and moksha (liberation) and other minor accomplishments falling under any of the above four categories. We face those obstacles due to our own karma, when we pray to the supreme lord nrusimha through this hymn, he helps us clear our karmic debts and bless us with success.
And lastly we can take the literal meaning of the word rna (debt, money we owe to someone), lord lakshmi nrusimha blesses us with wealth and the power to repay our monetary debts and live a happy life free from debts, both monetary and material.