Tax Saving calculator

How much can I save in taxes?

Bring down your cost of financing by claiming tax deductions on interest paid. Here’s a calculator that computes your estimated tax saving.

Tax Saving CalculatorReset

Fill in your assumed loan details below to know your estimated annual tax savings.

Education Loan Amount

₹

1 Lakh1 Crore

Interest Rate

715

Tax Slab

5% 20% 30%

Tax Saving Calculator Reset

Tax Saved RESET

Interest paid per year ₹0

Effective interest paid ₹0

Effective interest rate 0%

Here’s what you’ll save₹0 _{in taxes}

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*These are tentative calculations, Click here to read more details on this calculator

*View details of section 80E of Income Tax Act, 1961

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Frequently Asked Questions

Don’t know where to start? We are here to help.

Either the borrower or co-borrower is entitled to avail tax benefits on the actual interest paid on the education loan under Section 80E of the Income Tax Act, 1961.

An individual can avail of the benefit of an education loan 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.

The tax benefit can be availed for a period of 8 years or until the full interest is repaid, whichever is earlier

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.

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