The easiest and the quickest way to calculate your education loan income tax benefits as per the latest budget.
How long is your course (in months)
Total Loan Amount
Rate of interest for the loan (in %)
Will you be paying anything during the moratorium period (course duration plus the grace period)?
Grace Period: How many months after your course you will start paying EMI?
After the grace period, in how many years you will repay the education loan?
Net Taxable income of the applicant or co-applicant after deduction of all other exemptions except 80E
Results
Amount you save: ₹0
The amount you save if you opt for the 80(E) tax benefits when repaying for years
Effective ROI: 0 %
This will be the actual rate of interest you will be paying on your loan instead of 8.5%
Know which all lenders provide the 80E tax benefits.
Speak to the WeMakeScholars teamWeMakeScholars is an organisation funded and supported by the Govt of India for free and genuine advice on education loans.
| Income slab | Tax |
|---|---|
| Upto 2.5 lacs | Nil |
| 2.5 to 5 lacs | 5% of (Total income minus Rs 2,50,000) + 4% cess |
| 5 to 10 lacs | Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Above 10 lacs | Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
Your average interest portion per year on your Education Loan: 0
Your tax to be paid without exemption: 0
Your tax to be paid after exemption: : 0