Conditions for financial assistance on furnishing sureties

A person desirous of securing financial assistance from the Bank on furnishing sureties under Sub-section (2) of Section 149-A of the Act shall be provided with the desired assistance, if he-- (I) Furnishes two sureties to the satisfaction of the Bank for the required financial assistance; (II) Executes a declaration of first charge on the project created from the financial assistance and other assets belonging to him on stamp paper of requisite value; (III) Furnishes a Guarantee Deed executed by sureties in favour of the Bank guaranteeing the repayment in case of his default.