2023 MG Hector Savvy Pro Car Auction in Latur – Indian Bank e-Auction at ₹12 Lakh

2023 MG Hector Savvy Pro Car Auction in Latur: A 2023 MG Hector Savvy Pro petrol automatic SUV is being offered through an online auction by Indian Bank in Latur, Maharashtra. The vehicle has a reserve price of ₹12 lakh and the auction is scheduled through the bank’s e-auction platform.

⚠️ Auction Status & Important Alert

The auction listing shows the auction period as 1 October 2026, 10:00 AM to 5:00 PM. Interested bidders should verify the current auction status directly with Indian Bank / the official auction portal before taking any action.

🚘 MG Hector Auction – Quick Highlights

Vehicle: 2023 MG Hector Savvy Pro
Fuel: Petrol
Transmission: Automatic
Reserve Price: ₹12,00,000
EMD: ₹1,20,000
Auction Date: 1 October 2026
Auction Time: 10:00 AM – 5:00 PM
Location: Latur, Maharashtra

🚘 MG Hector Savvy Pro Auction – Complete Details

Vehicle	MG Hector
Model	Hector Plus 5 STR CVT Savvy Pro
Model Year	2023
Manufacturer	MG Motor India Pvt. Ltd.
Vehicle Category	Car / SUV
Fuel Type	Petrol
Transmission	Automatic / CVT
Colour	Candy White
Registration Year	2023
Registration Date	27 April 2023
Odometer – Auction Listing	69,631 km
Odometer – Sale Notice	69,629 km
Insurance Policy	Yes – as displayed in auction listing
Bank	Indian Bank
Branch	Kava Road, Latur
Location	Latur, Maharashtra
Asset ID	IDIBHECTOR
Auction Platform	baanknet.com

📅 Indian Bank MG Hector Auction Date & Time

🗓 Auction Date: 1 October 2026

⏰ Auction Start: 10:00 AM

⏰ Auction End: 5:00 PM

💰 Reserve Price: ₹12,00,000

💳 EMD: ₹1,20,000

💰 Reserve Price, EMD & Bid Increment

Reserve Price

₹12 Lakh

EMD

₹1.20 Lakh

Bid Increment

₹10,000

The Indian Bank sale notice specifies a reserve price of ₹12,00,000, an Earnest Money Deposit of ₹1,20,000 and a bid increment of ₹10,000.

🚗 2023 MG Hector Savvy Pro – Vehicle Details

The sale notice identifies the vehicle as an MG Hector Plus 5 STR CVT Savvy Pro, manufactured by MG Motor India Pvt. Ltd.

The vehicle is listed with Petrol fuel and CVT automatic transmission. The colour mentioned in the sale notice is Candy White.

The registration date mentioned in the sale notice is 27 April 2023.

ℹ️ Odometer Reading – Important Note

The online auction listing displays the odometer reading as 69,631 km, whereas the Indian Bank sale notice records 69,629 km. This small difference should be independently verified by interested bidders from the vehicle and latest official documents before bidding.

🔍 MG Hector Inspection Details

Inspection Period: 15 September 2026 to 30 September 2026

Inspection Time: 10:00 AM to 5:00 PM

The sale notice states that intending purchasers/bidders could inspect the scheduled vehicle and related documents during the specified inspection period. Since the displayed inspection period has already ended, bidders should contact the bank or verify the current auction status before relying on the inspection information.

💻 Online E-Auction Platform

The Indian Bank sale notice states that the vehicle auction is conducted through an online electronic bidding process using the designated BAANKNET auction platform.

Prospective bidders are required to complete registration and the prescribed KYC/EMD procedures before participating in the e-auction.

🔨 Important Bidding Conditions

The auction starts at the reserve price of ₹12 lakh.
The bid increment is ₹10,000.
Bidders must deposit the prescribed EMD before participating.
Registration and KYC must be completed in advance.
The bank reserves the right to accept or reject a bid and to adjourn, postpone or cancel the sale according to the stated terms.
The sale is subject to confirmation by the secured creditor.
The vehicle is offered on an “As is where is”, “As is what is” and “Whatever there is” basis.

💳 Payment Terms After Successful Bidding

According to the Indian Bank sale notice, the successful bidder has to deposit 25% of the bid amount, including the EMD already deposited, immediately after the bid is accepted/declared successful.

The remaining amount is required to be paid within 15 days from the date of confirmation of sale, in the manner prescribed by the bank.

If the successful bidder fails to make the required payment within the stipulated period, the deposited amount may be forfeited and the bank may conduct a fresh auction/sale as provided under the terms.

🧾 Taxes, Registration & Other Charges

The sale notice states that applicable expenses, encumbrances, statutory and government dues relating to registration or transfer of the vehicle, if any, are to be borne by the successful bidder.

The notice also refers to TDS under Section 194-1A of the Income Tax Act where applicable, with the applicable amount to be borne by the successful bidder.

⚠️ “As Is Where Is” – Read Before Bidding

The vehicle is being sold on an “As is where is”, “As is what is” and “Whatever there is” basis.

Prospective bidders should therefore inspect the vehicle, verify the available documents and satisfy themselves regarding the condition, registration, transfer requirements and any applicable dues before participating.

AUCTION ASSET ID

IDIBHECTOR

📌 Important Dates at a Glance

Event	Date / Time
Inspection Period	15–30 September 2026, 10:00 AM–5:00 PM
Auction Date	1 October 2026
Auction Time	10:00 AM–5:00 PM
Reserve Price	₹12,00,000
EMD	₹1,20,000
Bid Increment	₹10,000

🔎 What Should Bidders Check?

Verify the latest auction status before submitting the EMD.
Check the physical condition of the MG Hector.
Verify registration and available vehicle documents.
Check the odometer reading and vehicle condition independently.
Understand the 25% immediate payment requirement.
Plan for the balance payment within the prescribed 15-day period after confirmation of sale.
Consider applicable transfer, registration, statutory and other charges.
Read the complete Indian Bank sale notice and e-auction terms before placing a bid.

🚘 MG Hector Savvy Pro Auction – Summary

The Indian Bank auction features a 2023 MG Hector Plus 5 STR CVT Savvy Pro in Candy White, with petrol fuel and automatic/CVT transmission.

The reserve price is ₹12 lakh, with an EMD of ₹1.20 lakh and a bid increment of ₹10,000.

The auction listing shows the auction period as 1 October 2026, 10:00 AM to 5:00 PM, with the vehicle located in the Latur, Maharashtra area.

🚨 Important Disclaimer

This article is published for general informational purposes only based on the available Indian Bank sale notice and the corresponding auction listing.

Auction dates, timings, reserve price, EMD, vehicle details, inspection arrangements and other terms may be changed, postponed or cancelled by the bank or the authorised auction service provider.

The vehicle is offered on an “As is where is”, “As is what is” and “Whatever there is” basis. Prospective bidders must independently verify the vehicle, documents, registration status, physical condition, applicable dues and all auction terms before participating.

www.canteenrates.in is not the owner, seller, auctioneer, broker or representative of Indian Bank. We do not guarantee the availability, condition, sale price or continuation of the auction. Readers should rely on the latest official auction documents and the bank/authorised auction portal for final information. This article should not be treated as financial, legal or purchasing advice.

Source: Indian Bank Sale Notice dated 09 September 2026 and the corresponding online auction listing.

Check Latest Auction Properties: