Take extra care of paying debt in tough times

The Bank of Namibia earlier this year expressed concern over the increase in credit extension and the subsequent rise in household debt. In 2012 private household debt almost touched the 90% mark of disposable income.
Bank Windhoek said this week it prides itself on being a responsible credit provider and “is committed to ensure that our clients understand the conditions and financial implications of credit received.”
As a result Bank Windhoek has a very low client default rate. The bank said this can be ascribed to its firm commitment to apply prudent and responsible credit lending principles and to understand the unique needs and financial position of each clients who applies for credit.
“At Bank Windhoek all client credit applications are carefully assessed and the basic principles, such as affordability and a sound credit record are considered when determining whether the bank will grant the credit.”
“Bank Windhoek has a team of qualified consultants who are there to assist and ensure that every client understand the bank’s lending policy, always acting in the best interest of the client. If a loan application is not granted, it will be for good reason and with the best interest of the client at heart. Clients are advised to maintain a good credit history and to contact the bank without delay, should they be unable to honour their repayments, so that a new arrangement for repayment can be negotiated”, said Anton Smit, Executive Officer: Credit at Bank Windhoek.