Education Loan Tax Benefit Calculator

An individual can avail of the benefit of an <a rel="noopener noreferrer" href='/'>education loan</a> taken for self or a relative, meaning a spouse, child, or a student for whom the individual is a legal guardian.

There is no upper cap for claiming the tax exemption.

You can claim the tax benefit for 8 years or until the full interest is paid, whichever is first.

Not every lender can give you the tax benefit - this is where Credila comes into the picture. To get the deduction, you need to avail an education loan from a Gazette Notified Financial Institution such as Credila. The best way to verify whether you can avail of this benefit is to ask your lender for a copy of their Gazette Notification.

The education loan tax benefit calculator helps you know the tax you can save when you pay interest on your education loan every year.

Enter the yearly interest paid and the calculator shows how much tax you can save using the rules under the Income Tax Act (Section 80E)

There is no limit. You can save tax on the full interest amount you pay in a year based on your income and tax slab.

You can claim the tax benefit for 8 years or until the full interest is paid, whichever is first.