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The Namibian Home PageThu 21 Aug 2014, 09:14Last update: 21 Aug 2014
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The Namibian
Wed 20 Aug 2014
 • REVOLUTIONS lead nowhere. The book Animal Farm says it all. We are at the time when laws are now being changed, just as the animals changed the laws, “all animals are equal but some are more equal than others” . I cannot make sense of these changes. Wil
 • WHY not introduce Basic Income Grant as a constitutional right? Because nowadays one cannot live anymore without at least a certain small amount. Life is BIG.
 • USAKOS Town Council, thanks for cleaning the town. Keep it up. – Legend
 • THIS is how our country is. Everybody, including the minister of transport, are still in their positions, except Theo Namases of Air Namibia who was suspended. Even the ACC is afraid to investigate. Everything is quiet. Why? The President and Prime Mini
 MATHEW Mumbala, your statement in The Namibian to Venaani shows why the people are still living in shacks after 24 years of independence under the Swapo government. That mentality won’t change anything.
POLL
What do you make of the proposed changes to Namibia's Constitution?

1. It's a power grab

2. It's needed to manage government better

3. Such changes must go to a referendum first

4. Such changes shouldn't be centred on personalities


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

         


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