The NamibianThe WeekenderYouthPaperBack of the BookSupplements
[ Login ]   |   [ Register ]
The Namibian
  
X
The Namibian Home PageFri 29 May 2015, 17:10Last update: 29 May 2015
News    Opinions    Sport    Business    Entertainment    Oshiwambo    Archive    Top Revs    Letters    Vacancies   
News    Opinions    Sport    Business    Entertainment    Oshiwambo    Archive    Top Revs    Letters    Vacancies   

The Namibian
Fri 29 May 2015
 *KNOWLEDGE Katti, is your money drying up? Please stop your dream of phosphate mining in our waters. We love peace. Please stick to your useless oil prospecting!
 *ROADS Authority, when will the road between Solitaire and Gaub Canyon be upgraded again? The road is in a shocking state. Please act now.
 *MINISTER Bernard Haufiku, first establish a correlation between alcohol prices and its abuse through research. Otherwise you risk diverting more household spending to alcohol and causing more social problems.
POLL
Will divorcing teachers' colleges from Unam improve the education system?

1. No, it is a waste of money.

2. Yes, it will attract those with passion.

3. It doesn't matter. Students will enroll anyway.

4. Maybe, but they must raise the entry requirements.


Results so far:
 Older Polls

VACANCIES
  • No vacant positions

FRONT PAGE | 2011-10-07
Banks Commit 'Daylight Robbery'
ALLOW me to give information on how the private lending institutions are ripping off our hard earned money. A typical real loan of N$9000 (nine thousand dollars) taken at a commercial bank reveals the following:
Cash amount received: N$9000.00
Stamp duties     11.00
Namfisa    90.00
Credit life insurance    1628.64
Bank admin fees    180.00
Administration fees 540.00
Finance charges 15.05%    2849.20
Total     14 298.84
The above total loan of N$9000.00 amounted to N$14298.84 and was repaid from February 2011 till January 2014, in 36 months (i.e. 3 years) for N$397.19 each month. As if the charges are not enough, the bank adds 2% of the instalment plus VAT of N$9.14 (this amount is paid to the administrator of the government payroll deduction system).
The new total deduction will be N$406.33 per month for 3 years.
In terms of the contract, you the borrower, will be punished for paying off the loan early. Is this really legal?
How can I be punished when I am willing to pay sooner? I thought that it makes common sense since I will not be owing until 2014. But no, to the banks it does not make economic sense.
This is daylight robbery, hence the change to the old Usury Act still been used in Namibia is needed.

F X Shikongo
By e-mail

         


IJG Daily Bulletin

A product of CEIT Development Namibia