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Rugby World Cup 2015
The Namibian
Fri 3 Jul 2015
 *CONGRATULATIONS Dr Ndume. You are an excellent example on what human beings should value most, which is the well-being of others.
 *PLEASE law makers, enact a Fred Savage Act that imposes a ban on keeping dangerous dogs including of course the notorious pit bulls.
 *THIS City of Windhoek never ceases to surprise us. No dog licences in stock?
 *PLEASE people who matriculated at Cornelius Goroseb High School, let us unite and help rebuild our school through donations.
POLL
How would you rate President Hage Geingob's first 3 months in office?

1. A total flop

2. Highly successful

3. It's too early to rate

4. Encouraging but with many challenges to face.


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VACANCIES
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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

         


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