Tag: e-auction.

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

April 26th, 2023

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.
How to Prepare for an E-Auction: A Guide for Bidders

March 1st, 2023
In India, an online auction is in its infancy and is developing rapidly in this digitized world. Online auctions assist in buying and selling real estate at advantageous pricing in today’s internet-friendly environment. According to a recent study, online auctions have seen a significant increase in participation, with up to 50% more bidders than traditional auctions.

“Source: The online auction market is estimated to grow at a CAGR of 11.35% between 2022 and 2027. The size of the market is forecast to increase by USD 2,506.13 million.”

The statistics demonstrate the many benefits of online auctions, including increased participation, faster sales, lower costs, higher conversion rates, and increased transparency. These factors make online auctions attractive for buyers and sellers in today’s fast-paced and digital world. Online auctions facilitate faster and more profitable sales that help reduce the steps and outlay involved.

Many online portals allow potential buyers to look for NPA properties, check their specifications, and participate in the auction process. Interested investors can easily find the latest information on all bank auctions on such portals. Seek guidelines related to the auctions conducted by specific banks to recover capital by selling non-performing assets.

An interested bidder must know the information about guidelines and properties enlisted in an e-auction.

Here is a small guide that newbie bidders should follow.

Small guide to E-auction

Let’s explore!

Step 1: Check the guidelines for participating in an e-auction

The first step is to check and understand the online auction guidelines to become an eligible bidder. For this, one has to register in an e-auction portal first. Generate a valid ID and password to bid in the auction to create an account before you can participate. Register well before the auction to ensure you have enough time to review the property and prepare your bidding strategy. Take the time to familiarize yourself with the bidding process and platform, including how to place bids, track the bidding process, and communicate with the auctioneer.

Step 2: Submission of Earnest Money Deposit

Once the EMD gets deposited, registered users will be certified as a bidder and will be intimated with the bidding information. They can submit their EMD and KYC details to check the bidding information.

Step 3: Participation stage

Once the EMD gets deposited, registered users will be certified as a bidder and will be intimated with the bidding information. They submit their EMD and KYC details to check the bidding information.

Step 4: First Round Quote (FRQ)

The first round quote (FRQ) is where the bidder will submit its bidding figure.

Step 5: Bidding Opening Stage

The next stage is the Bidding Opening Stage, where submitted documents will be verified and validated. It is then where the bidders will get permission to enter the online auction hall. The bidder can check the lowest and highest bids submitted by other participants.

Step 6: Last stage of e-auction

Once the bidding ends, the highest bidder wins. They submit a percentage of the bid amount to the auctioneer and the rest within the stipulated period.

Things to consider

An interested buyer must keep the following things in mind.
- Check the validation of the properties enlisted in the auction. It is ideal for physically visiting the property and understanding the investment’s future. Consider seeking the advice of a financial before going ahead to get valuable insights and help you make an informed decision.
- Understand the financial requirements beforehand and then commit to a bidding process. Make sure you understand the terms and conditions of the auction, including the payment methods, deadlines, and any fees or penalties associated with the sale.
- Set a budget and arrange funds beforehand to ensure no financial stress once you win the bidding process. Stay focused during the auction and monitor the bidding process in real time. Place your bids quickly and accurately.
Verdict

Follow the above steps to prepare for an e-auction conducted by public and private sector banks. Online auctions typically have lower overhead costs than traditional auctions, leading to lower fees for bidders and more favorable terms. The convenience and accessibility of the process also lead to higher conversion rates, with up to 75% of online auction properties selling compared to just 50% of traditional auction properties.

Investing in bank auction properties will become an excellent path to ensure a bright future only when you have taken the appropriate steps and guidance.

Contact us at https://www.auctionbazaar.com/contactus and seek professional assistance for valuable insights to help you make an informed decision.

Tag: e-auction.

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

How to Prepare for an E-Auction: A Guide for Bidders