Public Opinion on Hire Purchase with Special Reference to Chennai

Abstract

Hire refers to the arrangement or agreement to use something by paying for it , having ownership for the agreed period. Purchase means acquiring something by paying it or buying. Hire purchase is an agreement in which the owner of any asset or product lets the buyer to get them on hire in regular installments. The buyer is not entitled the ownership in the course of the repayment period. For this research, an empirical study was carried out. The data was collected from 1910 respondents. The main aim of the study is to understand about the perception of hire purchase among the general public. Several statistical tools were used for the research such as chi-square, independent sample t test and ANOVA. The dependent variables are Purchasing product through hire purchase, Major product bought through hire purchases and reasons for hire purchase. The independent variables are age , gender and educational qualifications.  The results of the study are that there is influence on the major product bought through hire purchase among the different educationally qualified respondents , male and female have different product purchased through hire purchase