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 AuctionBazaar e-auction portal. AuctionBazaar 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.
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