Banks and financial institutions in India auction repossessed cars seized from loan defaulters under the SARFAESI Act. These vehicles are sold via official e-auction portals at 40%–80% below market price.
Yes! if bidding is low, a ₹12 lakh car can go for ₹1–4 lakh.
🔑 Why Are These Cars So Cheap?
• Banks want fast recovery, not profit
• No showroom expenses or commissions
• Auctions often get low participation
• Vehicles are sold on “as-is-where-is” basis
🏦 Who Conducts These Auctions?
✔ PSU Banks (SBI, PNB, Bank of Baroda, Canara Bank)
✔ Private Banks (HDFC, ICICI, Axis)
✔ NBFCs (Bajaj Finance, Tata Capital, etc.)
🌐 OFFICIAL & TRUSTED CAR AUCTION PLATFORMS (India)
1️⃣ eauction.gov.in (Government Portal)
👉 https://www.eauction.gov.in
• Official Govt & PSU auctions
• Most trusted
• Requires registration & KYC
👉 https://www.eauctionsindia.com
• FREE bank listings
• Shows repossessed cars, bikes, property
• Example deals:
– Maruti Ertiga at ~50% discount
– Hyundai Creta, Swift, Baleno
3️⃣ AutoBSe.com
👉 https://www.autobse.com
• Verified auctions
• Paid membership
• Luxury cars (BMW, Audi, Mercedes)
• Typical discounts: 40–60%
👉 https://www.foreclosureindia.com
• Early alerts on upcoming auctions
• Helps you track deals before bidding opens
• Final bidding happens on official bank portals
🧾 STEP-BY-STEP: How to Buy a Bank Auction Car
✅ Step 1: Register on Auction Portal
• Sign up on portal (email + mobile)
• Complete KYC (Aadhaar / PAN)
✅ Step 2: Find Car Listings
• Filter by city, bank, car type
• Check:
– Model year
– Base price
– Auction date
– Inspection location
✅ Step 3: Pay EMD (Earnest Money Deposit)
• Usually 5%–10% of base price
• Example:
– Car base price ₹2,00,000
– EMD ₹10,000–₹20,000
• Refundable if you don’t win
✅ Step 4: Physical Inspection (VERY IMPORTANT)
• Visit yard / bank-assigned location
• Check:
– Engine condition
– Accident damage
– Tyres & battery
– RC availability
• Bring a trusted mechanic
✅ Step 5: Online Bidding
• Bid on auction date & time
• Incremental bidding system
• Highest bidder wins
✅ Step 6: Final Payment
• Pay remaining amount within 3–7 days
• Delay = EMD forfeiture
✅ Step 7: RC Transfer & Delivery
• Bank issues:
– Sale certificate
– NOC
• RC transferred to your name at RTO
💸 REAL-LIFE PRICE EXAMPLES
🚙 Toyota Innova
• Market price: ₹18–20 lakh
• Auction price: ₹3.5–4.5 lakh
🚗 Hyundai Creta
• Market price: ₹12–14 lakh
• Auction price: ₹2–3.5 lakh
🚘 Honda City
• Market price: ₹10–12 lakh
• Auction price: ₹1.5–3 lakh
(Prices depend on bidding competition & condition)
• Pending road tax
• Insurance renewal
• RC transfer fees
• Repairs & servicing
• Tyres / battery replacement
👉 Always keep ₹50k–₹1.5 lakh buffer
🛑 HOW TO AVOID SCAMS
❌ Don’t buy via WhatsApp or Instagram dealers
❌ Never pay without portal receipt
❌ Avoid “private agents” promising fixed deals
✅ Stick to:
• Banks
• Govt portals
• Known auction platforms
🧠 PRO TIPS FOR BEGINNERS
✔ Start with low-value cars
✔ Check portals daily
✔ Prefer metro cities (more supply)
✔ Avoid emotional bidding
✔ Always inspect physically
📌 FINAL VERDICT
Bank car auctions are 100% legal, transparent, and one of India’s most underrated ways to buy cars cheaply — if you do proper checks.
A little research can save you ₹5–15 lakh on your next car…
