SBI E-Auction for Properties: Check Eligibility and Guides

Here is all you need to know about the State Bank of India Mega E-Auction on Mortgaged Properties.

State Bank of India (SBI) will be conducting an electronic auction for mortgage properties – both commercial and residential – on Wednesday, 30 September. Under this auction, individuals will have a chance to bid and possibly win a property at a lower price than the existing market rate.

“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,” the bank said in a statement online.

Requirements to participate in the SBI Mega E-Auction:

• 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.

Guide to Participate in SBI Mega E-Auction:

• Bidders need to log in on the portal by using the registered email ID and password.
• Once the bidder accepts the terms and conditions, they need to click on the 'participate' button to enter the auction.
• After clicking the 'participate' button, bidders have to upload the KYC documents, EMD Details, and FRQ (First Rate Quote – Quote Price.
• Once all the necessary documents are uploaded, the bidder has to submit the Quote Price. Quote Price can be equal or greater than the reserved value of the property or asset.
• After filling up the quoted price, click on the 'submit' option and then 'final submit' in order to submit the final bids online.
• If the bidders fail to click on the 'final submit' button within the stipulated date and time, they will not able to participate in the auction.

List of SBI Mega E-Auction Partner Websites

The following websites are partnered with SBI for the Mega E-Auction:

C1 INDIA Pvt. Ltd. : https://www.bankeauctions.com/Sbi

e-Procurement Technologies Limited : https://sbi.auctiontiger.net/EPROC/

For displaying of the properties : https://ibapi.in

For auction platform: https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp