How to Participate for an E Auction: A Beginner's Guide

 

E-auctions have become increasingly popular as a quick and easy way to buy and sell goods and services online. With the rise of e-auction portals, it has become easier than ever to participate in e-auctions.



As per the report from RBI, the GNPA of public sector banks will increase to 9.4% by the end of September 2023. It was 6.5% in September 2022. Private banks are also facing an increase of GNPA to 4.1%, stipulated by RBI within this timeline.

If you are new to e-auctions and want to participate in one, this beginner's guide will help you get started.

Step 1: Choose an E-Auction Portal

The first step is to choose the Auction Bazaar e-auction portal. Auction Bazaar is an online marketplace selling distressed properties, including NPA bank auction properties. The platform offers a wide range of residential, commercial, and industrial properties, all at affordable prices.

Step 2: Register on the E-Auction Portal

Once you have chosen an e-auction portal, the next step is registering on the portal. Registration is typically free and provides basic information such as your name and email address for registration.

 

Also, you can do seamless registration with Google's one-tap Sign-in.

Step 3: Browse the E-Auctions

Once you have registered on the e-auction portal, you can browse the available e-auctions. The portal will list all the e-auctions that are currently open for bidding, along with details such as the item being auctioned, the starting bid amount, and the bidding deadline.

Step 4: Bidding Process

On the auction day, bidders log into the e-auction portal and participate in the auction for which EMD was paid. Bid has to be placed with the combination of Reserve Price and multiples of Incremental value.

Step 5: Monitor Your Bids

After placing a bid, monitoring your auction bids is essential to see if you are the highest bidder. The e-auction portal will typically display each item's highest bid, so you can see if your bid is still in the lead. If someone else outbids you, you will receive a notification and can choose to place a higher auction bid.

Step 6: Make Payment for Your Asset

If your bid is successful, you must pay for the item and collect it within a specified timeframe. Then they need to contact Bank authorized officials for the remaining details.

In conclusion, participating in e-auctions is a great way to buy and sell goods and services online. Following this beginner's guide, you can start participating in e-auctions today. Just remember to choose a reputable e-auction portal, register on the portal, browse the available e-auctions, place a bid, monitor your auction bids, make payment and collect your item if your auction bid is successful.

To know more about the e-auction process and how to register, visit  https://www.auctionbazaar.com/contactus to seek professional assistance.

 

Location: India

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