{"id":8860,"date":"2023-12-22T16:38:26","date_gmt":"2023-12-22T11:08:26","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=8860"},"modified":"2024-06-06T10:46:40","modified_gmt":"2024-06-06T05:16:40","slug":"income-tax-rebate-on-education-loan","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/","title":{"rendered":"Income Tax Rebate on Education Loan Under Section 80E"},"content":{"rendered":"\n<p>Education is an investment for a brighter and better future, yet its cost can be substantial. To ease this financial burden, governments often offer tax benefits. One such benefit is the deduction provision under Section 80E of the Income Tax Act, specifically tailored for education loan repayments. This deduction not only assists in managing the financial strain but also incentivises higher education pursuits.<\/p>\n\n\n\n<p>In this comprehensive guide, we will look into the details of Income Tax Rebates on Education Loans, explore eligibility criteria, and much more.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-understanding-education-loan-tax-benefits\" data-level=\"2\">Understanding Education Loan Tax Benefits<\/a><\/li><li><a href=\"#h-qualifying-criteria-for-tax-rebate-on-education-loan\" data-level=\"2\">Qualifying Criteria for Tax Rebate on Education Loan<\/a><\/li><li><a href=\"#h-calculating-tax-rebates-on-education-loans\" data-level=\"2\">Calculating Tax Rebates on Education Loans<\/a><\/li><li><a href=\"#h-claiming-tax-rebates-on-education-loan\" data-level=\"2\">Claiming Tax Rebates on Education Loan<\/a><\/li><li><a href=\"#h-faqs-on-tax-rebate-on-education-loan-under-section-80e\" data-level=\"2\">FAQs on Tax Rebate on Education Loan Under Section 80E<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-education-loan-tax-benefits\"><span id=\"understanding-education-loan-tax-benefits\">Understanding Education Loan Tax Benefits<\/span><\/h2>\n\n\n\n<p>Education loans have become instrumental in fulfilling aspirations for higher studies. Section 80E of the Income Tax Act was introduced precisely to ease the financial burden incurred through these loans.&nbsp;<\/p>\n\n\n\n<p>This section allows for a deduction of the total interest paid on the education loan from the taxable income. This benefit is also offered to encourage borrowers to take an education loan. But, to qualify for the same, individuals must fulfil the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/eligibility-criteria-for-education-loans\/\"><strong>eligibility criteria for education loans<\/strong><\/a>.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>When you apply for education loans, only the interest paid is allowed as a deduction and not the principal amount. <strong>This deduction is available for a maximum of 8 years or till the interest is paid<\/strong>,<strong> whichever is earlier.&nbsp;<\/strong><\/p>\n\n\n\n<p><strong><em>Note: To claim a deduction for your education loan, you must receive a certificate from your bank or financial institution showing the distribution of the amount repaid as principal and interest amount.&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: If you are curious to learn about the terms associated with the transfer of money in a foreign market, check this blog on <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/what-is-remittance\/\"><strong>What is Remittance: Types, Modes &amp; Tax Deduction.<\/strong><\/a><strong>&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-qualifying-criteria-for-tax-rebate-on-education-loan\"><span id=\"qualifying-criteria-for-tax-rebate-on-education-loan\">Qualifying Criteria for Tax Rebate on Education Loan<\/span><\/h2>\n\n\n\n<p>For <a href=\"https:\/\/fly.finance\/blog\/education-loan\/tax-exemption-from-an-education-loan\/\"><strong>tax exemption on education loans<\/strong><\/a> under Section 80E, certain criteria must be met. This includes defining eligible courses and institutions, determining the borrower&#8217;s eligibility (student, spouse, or guardian), and understanding the restrictions on loans and their repayment structures. Meeting these criteria is pivotal in availing of the tax rebate efficiently.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Either the parent or the child can avail of this tax benefit, depending on who pays the education loan.&nbsp;<\/li>\n\n\n\n<li>The tax benefit is only applicable if you take an education loan from financial institutions, and not from friends, family, and relatives.&nbsp;<\/li>\n\n\n\n<li>The education loan must be taken for higher studies to be eligible for deduction under Section 80E.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-calculating-tax-rebates-on-education-loans\"><span id=\"calculating-tax-rebates-on-education-loans\">Calculating Tax Rebates on Education Loans<\/span><\/h2>\n\n\n\n<p>The tax rebate is only applicable on the interest rate paid and not the principal amount.&nbsp;<\/p>\n\n\n\n<p>Obtain the interest certificate from your lending bank, which specifies the interest paid during the financial year. This certificate is crucial for accurate calculation.&nbsp;<\/p>\n\n\n\n<p>Use the formula to determine your <a href=\"https:\/\/fly.finance\/blog\/education-loan\/student-loan-tax-deduction\/\"><strong>student loan tax deduction<\/strong><\/a>&#8211;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Deduction = Total Interest Paid during the financial year.&nbsp;<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>There\u2019s no upper limit for the deduction amount, which means that the entire interest paid can be claimed.&nbsp;<\/p>\n\n\n\n<p>For instance- your gross taxable income is 7 lakhs INR after all other deductions and you paid 2.5 lakhs INR as the interest on the education loan during the financial year. So, your total income to calculate income would become 4.5 lakhs INR and taxed accordingly.&nbsp;<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: If you have an existing education loan and are overburdened by it, consider learning about restructuring your loan. Check out the <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/benefits-of-education-loan-restructure\/\"><strong>Benefits of Education Loan Restructure<\/strong><\/a><strong>.&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-claiming-tax-rebates-on-education-loan\"><span id=\"claiming-tax-rebates-on-education-loan\">Claiming Tax Rebates on Education Loan<\/span><\/h2>\n\n\n\n<p>To claim tax rebates on education loans, borrowers of the loan must fill out Form 1 while filing the income tax returns. They should report the details of education loan interest under Section 80E.&nbsp;<\/p>\n\n\n\n<p>The next step is to provide the loan details and furnish necessary details like the name of the lender, the amount of interest paid, and the loan\u2019s purpose (higher education). Now, in the \u2018Income Details\u2019 section of ITR Form 1, navigate to \u2018Deductions\u2019 and claim the deduction under Section 80E. Enter the eligible amount of the interest paid during the financial year.&nbsp;<\/p>\n\n\n\n<p>Ensure that all the details are accurately entered before submitting the final details. By following these steps accurately and reporting the eligible interest paid during the financial year, individuals can claim income tax rebates on education loans.&nbsp;<\/p>\n\n\n\n<p>If you face any difficulties in doing this all by yourself, you can simply have a word with your CA, and they can help in claiming the tax rebate.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-on-tax-rebate-on-education-loan-under-section-80e\"><span id=\"faqs-on-tax-rebate-on-education-loan-under-section-80e\">FAQs on Tax Rebate on Education Loan Under Section 80E<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1703313861896\"><strong class=\"schema-faq-question\"><strong>Is there any income tax rebate on education loans?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, the interest you pay on an education loan is entirely tax-free for eight years, as you can claim tax deductions against it.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1703313863357\"><strong class=\"schema-faq-question\"><strong>Is tax benefit available on top-up loans taken for education?<\/strong><\/strong> <p class=\"schema-faq-answer\">The tax benefit on Education Loans under Section 80E is limited only to the interest component of the loan. If a borrower takes a top-up loan, then they will be eligible for the extra interest payment. There will be no tax benefit on the principal amount in case of the initial Education Loan or the top-up Education Loan that you have availed.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1703313864428\"><strong class=\"schema-faq-question\"><strong>Should You Repay an Education Loan Early?<\/strong><\/strong> <p class=\"schema-faq-answer\">Income Tax Rebate on Education is available for a maximum of 8 years. Most borrowers prefer to use this entire 8-year repayment period to repay their education loan.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1703313865616\"><strong class=\"schema-faq-question\"><strong>What is the maximum education loan amount?<\/strong><\/strong> <p class=\"schema-faq-answer\">The maximum education loan that you can avail of is 1.25 crore INR to study in India and 1.50 crore INR to study abroad.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1703313866558\"><strong class=\"schema-faq-question\"><strong>What is the maximum limit under section 80E?<\/strong><\/strong> <p class=\"schema-faq-answer\">There is no maximum limit under Section 80E. Borrowers can claim the actual interest paid.\u00a0<\/p> <\/div> <\/div>\n\n\n\n<p>Understanding education loan tax rebates can significantly reduce financial burdens. Knowing about such benefits, meeting eligibility criteria, and strategizing repayment can lead to substantial tax savings. By leveraging these benefits effectively, individuals can embark on educational pursuits with greater ease and financial stability.<\/p>\n\n\n\n<p>To know more about the loan application process, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/airport-currency-exchange-rate\/\"><strong>Airport Currency Exchange Rate<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/forex-card\/idfc-first-bank-forex-card\/\"><strong>IDFC First Bank Forex Card<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/best-banks-in-india-for-inward-remittance\/\"><strong>Best Banks in India for Inward Remittance<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 s-0.009,2.688-0.052,3.637c-0.04,0.877-0.187,1.354-0.31,1.671c-0.163,0.42-0.358,0.72-0.673,1.035 c-0.315,0.315-0.615,0.51-1.035,0.673c-0.317,0.123-0.794,0.27-1.671,0.31c-0.949,0.043-1.233,0.052-3.637,0.052 s-2.688-0.009-3.637-0.052c-0.877-0.04-1.354-0.187-1.671-0.31c-0.42-0.163-0.72-0.358-1.035-0.673 c-0.315-0.315-0.51-0.615-0.673-1.035c-0.123-0.317-0.27-0.794-0.31-1.671C4.631,14.688,4.622,14.403,4.622,12 s0.009-2.688,0.052-3.637c0.04-0.877,0.187-1.354,0.31-1.671c0.163-0.42,0.358-0.72,0.673-1.035 c0.315-0.315,0.615-0.51,1.035-0.673c0.317-0.123,0.794-0.27,1.671-0.31C9.312,4.631,9.597,4.622,12,4.622 M12,3 C9.556,3,9.249,3.01,8.289,3.054C7.331,3.098,6.677,3.25,6.105,3.472C5.513,3.702,5.011,4.01,4.511,4.511 c-0.5,0.5-0.808,1.002-1.038,1.594C3.25,6.677,3.098,7.331,3.054,8.289C3.01,9.249,3,9.556,3,12c0,2.444,0.01,2.751,0.054,3.711 c0.044,0.958,0.196,1.612,0.418,2.185c0.23,0.592,0.538,1.094,1.038,1.594c0.5,0.5,1.002,0.808,1.594,1.038 c0.572,0.222,1.227,0.375,2.185,0.418C9.249,20.99,9.556,21,12,21s2.751-0.01,3.711-0.054c0.958-0.044,1.612-0.196,2.185-0.418 c0.592-0.23,1.094-0.538,1.594-1.038c0.5-0.5,0.808-1.002,1.038-1.594c0.222-0.572,0.375-1.227,0.418-2.185 C20.99,14.751,21,14.444,21,12s-0.01-2.751-0.054-3.711c-0.044-0.958-0.196-1.612-0.418-2.185c-0.23-0.592-0.538-1.094-1.038-1.594 c-0.5-0.5-1.002-0.808-1.594-1.038c-0.572-0.222-1.227-0.375-2.185-0.418C14.751,3.01,14.444,3,12,3L12,3z M12,7.378 c-2.552,0-4.622,2.069-4.622,4.622S9.448,16.622,12,16.622s4.622-2.069,4.622-4.622S14.552,7.378,12,7.378z M12,15 c-1.657,0-3-1.343-3-3s1.343-3,3-3s3,1.343,3,3S13.657,15,12,15z M16.804,6.116c-0.596,0-1.08,0.484-1.08,1.08 s0.484,1.08,1.08,1.08c0.596,0,1.08-0.484,1.08-1.08S17.401,6.116,16.804,6.116z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Instagram<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin  wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-twitter  wp-block-social-link\"><a href=\"https:\/\/twitter.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Education is an investment for a brighter and better future, yet its cost can be substantial. To ease this financial burden, governments often offer tax benefits. One such benefit is the deduction provision under Section 80E of the Income Tax Act, specifically tailored for education loan repayments. This deduction not only assists in managing the &#8230; <a title=\"Income Tax Rebate on Education Loan Under Section 80E\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/\" aria-label=\"Read more about Income Tax Rebate on Education Loan Under Section 80E\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":8874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-8860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Income Tax Rebate on Education Loan Under Section 80E<\/title>\n<meta name=\"description\" content=\"Check all the details on Income Tax rebates on education loans under section 80E. Know tax slab, calculations and more here.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Tax Rebate on Education Loan Under Section 80E\" \/>\n<meta property=\"og:description\" content=\"Check all the details on Income Tax rebates on education loans under section 80E. Know tax slab, calculations and more here.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Fly Finance\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/shubhika.garg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-22T11:08:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-06T05:16:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/12\/23163736\/Education-Loan-for-MBA-without-Collateral-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Shubhika Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shubhika Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Income Tax Rebate on Education Loan Under Section 80E","description":"Check all the details on Income Tax rebates on education loans under section 80E. Know tax slab, calculations and more here.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/","og_locale":"en_US","og_type":"article","og_title":"Income Tax Rebate on Education Loan Under Section 80E","og_description":"Check all the details on Income Tax rebates on education loans under section 80E. Know tax slab, calculations and more here.","og_url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/","og_site_name":"Fly Finance","article_author":"https:\/\/www.facebook.com\/shubhika.garg\/","article_published_time":"2023-12-22T11:08:26+00:00","article_modified_time":"2024-06-06T05:16:40+00:00","og_image":[{"width":1024,"height":640,"url":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/12\/23163736\/Education-Loan-for-MBA-without-Collateral-1.png","type":"image\/png"}],"author":"Shubhika Garg","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shubhika Garg","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#article","isPartOf":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/"},"author":{"name":"Shubhika Garg","@id":"https:\/\/fly.finance\/blog\/#\/schema\/person\/1f13adc00f6f67e7ed5a2fb5e97bfec6"},"headline":"Income Tax Rebate on Education Loan Under Section 80E","datePublished":"2023-12-22T11:08:26+00:00","dateModified":"2024-06-06T05:16:40+00:00","mainEntityOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/"},"wordCount":1085,"commentCount":0,"publisher":{"@id":"https:\/\/fly.finance\/blog\/#organization"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/12\/23163736\/Education-Loan-for-MBA-without-Collateral-1.png","articleSection":["Education Loan"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#respond"]}],"accessibilityFeature":["tableOfContents"]},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/","url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/","name":"Income Tax Rebate on Education Loan Under Section 80E","isPartOf":{"@id":"https:\/\/fly.finance\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#primaryimage"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/12\/23163736\/Education-Loan-for-MBA-without-Collateral-1.png","datePublished":"2023-12-22T11:08:26+00:00","dateModified":"2024-06-06T05:16:40+00:00","description":"Check all the details on Income Tax rebates on education loans under section 80E. Know tax slab, calculations and more here.","breadcrumb":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313861896"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313863357"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313864428"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313865616"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313866558"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#primaryimage","url":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/12\/23163736\/Education-Loan-for-MBA-without-Collateral-1.png","contentUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/12\/23163736\/Education-Loan-for-MBA-without-Collateral-1.png","width":1024,"height":640,"caption":"income tax rebate on education loan"},{"@type":"BreadcrumbList","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fly.finance\/blog\/"},{"@type":"ListItem","position":2,"name":"Education Loan","item":"https:\/\/fly.finance\/blog\/category\/education-loan\/"},{"@type":"ListItem","position":3,"name":"Income Tax Rebate on Education Loan Under Section 80E"}]},{"@type":"WebSite","@id":"https:\/\/fly.finance\/blog\/#website","url":"https:\/\/fly.finance\/blog\/","name":"Fly Finance","description":"Explore blogs related to Education Loan, Student Bank Account, International Money Transfer, Scholarships along with latest news at Fly Finance.","publisher":{"@id":"https:\/\/fly.finance\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fly.finance\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/fly.finance\/blog\/#organization","name":"Fly Finance","url":"https:\/\/fly.finance\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fly.finance\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/01\/29151141\/Fly-Finance-Logo-1.webp","contentUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/01\/29151141\/Fly-Finance-Logo-1.webp","width":1080,"height":1080,"caption":"Fly Finance"},"image":{"@id":"https:\/\/fly.finance\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/fly.finance\/blog\/#\/schema\/person\/1f13adc00f6f67e7ed5a2fb5e97bfec6","name":"Shubhika Garg","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/df0315e532cdf62ee7275a4a65914c25f90ec1b0b137b1bf0bbca958325909f8?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/df0315e532cdf62ee7275a4a65914c25f90ec1b0b137b1bf0bbca958325909f8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/df0315e532cdf62ee7275a4a65914c25f90ec1b0b137b1bf0bbca958325909f8?s=96&d=mm&r=g","caption":"Shubhika Garg"},"description":"Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313861896","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313861896","name":"Is there any income tax rebate on education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, the interest you pay on an education loan is entirely tax-free for eight years, as you can claim tax deductions against it.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313863357","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313863357","name":"Is tax benefit available on top-up loans taken for education?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The tax benefit on Education Loans under Section 80E is limited only to the interest component of the loan. If a borrower takes a top-up loan, then they will be eligible for the extra interest payment. There will be no tax benefit on the principal amount in case of the initial Education Loan or the top-up Education Loan that you have availed.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313864428","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313864428","name":"Should You Repay an Education Loan Early?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Income Tax Rebate on Education is available for a maximum of 8 years. Most borrowers prefer to use this entire 8-year repayment period to repay their education loan.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313865616","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313865616","name":"What is the maximum education loan amount?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The maximum education loan that you can avail of is 1.25 crore INR to study in India and 1.50 crore INR to study abroad.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313866558","position":5,"url":"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/#faq-question-1703313866558","name":"What is the maximum limit under section 80E?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There is no maximum limit under Section 80E. Borrowers can claim the actual interest paid.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/8860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=8860"}],"version-history":[{"count":6,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/8860\/revisions"}],"predecessor-version":[{"id":12890,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/8860\/revisions\/12890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/8874"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=8860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=8860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=8860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}