AN ANALYSIS OF HIRE PURCHASE SYSTEM IN NON-BANKING FINANCIAL COMPANIES (NBFCs)

Abstract

ABSTRACT: Consumers can buy things on credit and pay for them in monthly installments with the hire purchase method. This study aims to provide a comprehensive analysis of the hire purchase system as it pertains to NBFCs by investigating its components, merits and downsides, and regulatory context. Part one of this research delves into the inner workings of the hire-buy system and the significance of NBFCs in the delivery of financial services to customers. By analyzing crucial aspects of hire purchase agreements such down payments, installment plans, and ownership transfer procedures, this article elucidates the significance and influence of hire purchase agreements for both buyers and NBFCs.