Leasing Process of First Lease Finance and Investment Limited

Chapter 3

Leasing process of First Lease Finance and Investment Limited (FLFIL)

Processing of Lease Proposals

First Lease Finance & Investment Limited has a structured, systematic loan and lease finance process for the clients. The process includes several steps. Those steps are sub-divided into 3 groups for simplicity.

Preliminary Stage

In this stage 6 steps are completed. These mainly include paper related works and inspections.

Step 1: Filling up Lease Application Form

This is the very first step of the lease process. In the prescribed application form, an applicant needs to fill the information including personal, business and financial. The applicant should also mention proposal amount sought for lease, along with lease periods and other necessary terms and conditions. Incomplete application form would not be considered by the Head Office section of lease and loan facility.

Step 2: Collecting CIB Reports from Bangladesh Bank

Collecting CIB report is also very important and vital part to avail lease facility from financial institution. The CIB report includes the overall credit status of the clients. First Lease Finance & Investment Limited would collect CIB enquiry forms of the client(s) and the guarantor through its branch(s) duly signed by the proprietor, partner(s), director(s) etc. the clients would pay the requisite charges for CIB forms for lease finance. The completed CIB enquiry forms to be submitted to CIB Department of Bangladesh Bank and CIB report to be obtained from them.

Step 3: collection of required papers

Collecting necessary papers/ documents of the clients as per checklist is the major part of lease finance process. The credit officer of the respective branch would also collect photocopies of those required papers, duly attested by them. Lack of complete documents would delay the total lease process.

Step 4: collecting legal opinions

The legal department of respective branch(s) would scrutinize the documents and give legal opinions as per the documents of the clients. In case of mortgage of proposals for lease/ loan, the clients are required to provide the title deed, mutation parcha, DCR, C.S., R.S., and S.A. parcha, etc of the assets to e mortgaged. The legal department would give the legal opinion within 07 working daysfrom the date of receiving documents and papers of the mortgage property from the client. The legal department of the branch management