Are you willing to purchase properties at lower rates, Check the SBI Mega E-Auction

State Bank of India (SBI), one of the biggest Public sector bank of India, has invited interested candidates for an electronic auction to mortgage properties on October 25. The mortgage properties include both commercial and residential properties seized by the bank from the defaulters in order to recover bank dues.

If you are person who is planning to invest your money, then this auction might be a golden opportunity for you. It is so because; there are many properties which will go under bidding during this sale. The auction includes various types of properties and they can be suitable for home, ware house or business purposes. The State Bank has announced the e- auction process through its official twitter handle.

“We at SBI are very transparent when putting immovable properties, mortgaged with the Bank / attached by Court order to auction, by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions. We also incorporate all relevant details and state whether the same is freehold or leasehold, give its measurement, location etc., including other relevant details in the public notices issued for auctioning,” read the SBI auction notice.

The requirements to participate in the e-auction are as follows:

• EMD for the particular property as mentioned in the e-Auction notice.
• KYC Documents – to be submitted to the concerned Branch.
• Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
• Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
• Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.

How to participate in the bidding:

• The Bidders are required to use the registered email ID and password in order to log in on the portal
• After the bidder accepts terms and conditions they need to click on ‘participate button’ to enter auction.
• Then bidders must upload the KYC documents, EMD details and FRQ (First Rate Quote) Price.
• After the necessary documents are uploaded, the bidder has to submit the Quote Price.
• Click on the submit option after filling the quoted price.
• Lastly click on the ‘final submit’ button.

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