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The 72ND Annual General Body Meeting was held on 23.09.2023 HYDERABAD and dividend declared @8% for FY 2022-23


GOLD LOANS @ 10.75% P.A.



Contingent Loans

How to become Member?


1.The member should be a confirmed employee of Union Bank of India
2.The member should have completed one year of service in Union Bank of India.

No person can claim admission as a member, if such person is already a member in any other Primary Cooperative Bank, Cooperative Credit Society registered, under any State Cooperative Society Act or Multi State Cooperative Societies Act .However, they are eligible to become member if he/she closes their Membership in the other Cooperative Bank/ Credit Society and submits a declaration to that extent.

Eligible Limit :

 Maximum Limit
SubstaffRs. 1,50,000 *
ClerksRs. 2,50,000
OfficersRs. 3,00,000

Note: Members working in the cadre of part time sweepers are entitled for loan, Proportionate to their scales of pay.

Rate of Interest:

Interest @ 10.00 % p.a., on diminishing balance shall be calculated and debited to the respective loan accounts at the end of every month.
(Revised from 10.50% to 10.00% w.e.f. 01.04.2020)

Purpose of Loan:

Construction of House or purchase of flat or Repairs/Renovation/Additions to the existing house and/or any other domestic need like Medical/ Ceremonial / Consumption. 


Maximum of 60 monthly installments or the left over service of the borrower whichever is lower, commencing immediately after disbursement. 


The Loan can be renewed on repayment of 1/3rd of monthly installments or on closure of the existing loan. The Board may specifically waive this stipulation, whenever the limit is revised upwards. Members whose existing loans are not in order are not eligible for the loan/renewal of existing loan. Monthly installment received in respect of closed loans or after the renewal of such loan/ loans shall be credited to new loan account/thrift deposit account, but in no case such installment shall be refunded. 

Other Terms and Conditions:
1.10% of the loan amount (rounded off next higher digit to be divisible by 10) shall be collected as share capital which will be refunded at the time of retirement or Resignation/VRS from Union Bank of India and after six months in the case of closure of membership, while continuing as staff member of Union Bank of India.
2.Processing charges along with applicable service tax shall be collected as noted here-under. 
 Processing Charges
SubstaffRs. 50/-
ClerksRs. 100/-
OfficersRs. 150/-
3.The loan is covered by Member Mutual Benefit Fund scheme.
4.Members shall contribute towards MMBF scheme, every month as noted below during the currency of the loan for availing the benefit under the scheme.


Loan amount up to Rs. 50,000

Rs.50/- p.m.,


Loan amount above Rs 50,001/- & Up to Rs. 75, 000/-

Rs.100/- p.m.,


Loan amount above Rs. 75,001/- & up to Rs.1,50,000/-

Rs.150/- p.m.,


Loan amount above Rs. 1,50,001/- & up to Rs.2,00,000/-

Rs.200/- p.m.,

5.Members whose existing loans are not in order are not eligible to avail this loan.
6.Members have to enclose original/attested copy of the latest pay slip and Bank ID Card to the loan application.
7.Loan shall be sanctioned subject to the Member having sufficient net pay to recover the installment of the proposed loan.
8.Loan shall be applied on the prescribed application form duly filling all the required columns.

In respect of loans being availed by members who are suspended/dismissed/terminated/compulsorily retired from the service of Union Bank of India, the procedure given at item no.7 of Long Term Loans to be followed.
Renewals of loans are subject to availability of funds. The application will be sanctioned by keeping in   seriatim strictly.