Education Loan Tax Benefit Calculator
Calculate your tax savings on education loan interest under Section 80E. Unlike other deductions, there's no upper limit - the entire interest amount is deductible.
Calculating your education loan benefit...
Section 80E - Key Facts
No Upper Limit
Unlike 80C or 80D, there's no cap. Entire interest paid is deductible.
8-Year Period
Deduction available for 8 years from the year you start repaying.
Principal Not Covered
Only interest is deductible, not the principal repayment.
Frequently Asked Questions
Who can claim 80E deduction?
The person who takes the loan and pays the interest. You can claim for education loan taken for yourself, spouse, children, or a student for whom you are the legal guardian.
What courses are eligible?
Loan for higher education - any course after passing Senior Secondary or equivalent. This includes professional courses, vocational courses, and foreign education.
Which lenders qualify?
Loan must be from a bank, approved financial institution, or approved charitable institution. Loans from friends/relatives or employers don't qualify.