State Bank of India (SBI) has announced mega e-auction scheme under which bids are open for 1,000 commercial and residential properties, informed country’s largest lender on its official twitter handle. People willing to avail the scheme can register and the e-auction will be held on May 29, 2018. Loans are also available for successful bidders, the tweet further said. However, these are subject to availability. KYC (Know Your Customer) documents are mandatory to be submitted to the concerned branch in order to avail SBI’s mega e-auction scheme, said SBI on its official portal.
5 things you should know before participating in SBI’s mega e-auction scheme:
1. EMD (Earnest Money Deposit) for the particular property as mentioned in the e-auction notice of SBI is essential, said State Bank of India (SBI). Earnest money is a deposit made to a seller indicating the buyer’s good faith in an arrangement.
2. KYC (Know Your Customer) documents are essential to be submitted to the concerned branch. KYC is the process of identifying and verifying the identity of clients.
3. Valid digital signature is also required. Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature, said SBI on its official wesbsite.
4. 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, said SBI.
5. Bidders are required to login and bid during the auction hours on the date of e-auction as per auction rules of SBI.