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The Namibian Home PageSat 25 Oct 2014, 05:26Last update: 24 Oct 2014
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News    Opinions    Sport    Business    Entertainment    Oshiwambo    Archive    Top Revs    Letters   

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The Namibian
Fri 24 Oct 2014
 • BY the look of things, with the sale of my motherland to foreigners and myself being unable to afford a piece of land, I will become a landless, slave to foreigners in my country of birth. My country is being mortgaged. I cry!
 • WONDER Guchu, you said it all again. If only these words and advice were taken to heart. However, things fall apart and nobody cares because people don't vote for change. - Waltraut
 • IS Hage Geingob threatening us that we must vote for Swapo because the party would not be comfortable giving up government through transition?
 • THE President's daughter is at it again. Over N$500 million worth of state contracts. Really now, is this fair? What is there to be issued? Tender Board, please cancel these contracts as soon as possible.
 • WE knew the Russian is paying US$100 million per farm. Brown envelopes en masse.
 • I WANT to thank all the staff of Onyaanya State Clinic for their good work and my vote of thanks goes also to Sister Maria Nahole. Keep it up sister. Your jokes and happy face heal us everyday. - Community member
POLL
Should presidential candidates have public debates before the elections?

1. Yes, it will help us make up our minds.

2. No, it will have no effect on the outcome.

3. Maybe, but will Swapo agree this time?

4. No one cares!


Results so far:
 Older Polls



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

         


Electoral Commission of Namibia
IJG Daily Bulletin

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