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You can find answers related to your education loans here.
Yes, Education Loan borrower or co-borrower (any one) is entitled to avail tax benefits on interest paid on education loan, under Sec 80-E of the Income Tax Act.
An individual can avail of a tax benefit on interest paid on education loan for self or a relative, meaning spouse, child or a student for whom the individual is a legal guardian.
Following are the supporting documents needed to apply for education loan:
Education loan is normally taken for financing Tuition fees, living expenses (hostel etc.), books and periodicals and some times traveling.
Yes, Its better you should avail loan even if you have money. It help to increase the student visa approval rate.