Indian travellers need a Schengen visa for Iceland, applied for before travel. Allow time for the appointment and processing, and book refundable stays until the visa is granted.
Worked example: Aditya in Guntur
Aditya is 35 and works as a salaried pharmaceutical quality manager in Guntur. He earns Rs. 88,000 a month and has a CIBIL score of 771. He plans 8 days in Iceland with his wife in February to see the northern lights, and pays part from savings. He borrows Rs. 2.25 lakh at an illustrative 14% per annum.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. P is the loan amount in rupees, R is the annual rate divided by 12 and by 100, and N is the tenure in months. The formula spreads the principal and interest into equal monthly payments, so early EMIs carry more interest and later ones more principal. All figures are rounded to the nearest rupee.
| Tenure | Monthly EMI (Rs.) | Total interest (Rs.) | EMI as share of salary (%) |
|---|
| 24 months (2 years) | 10,803 | 34,270 | 12.3 |
| 36 months (3 years) | 7,690 | 51,839 | 8.7 |
Last updated: 21st October, 2026
The 36-month option lowers the EMI by Rs. 3,113 but adds Rs. 17,569 in interest. The processing fee on Rs. 2.25 lakh is up to Rs. 9,292. Aditya picks 24 months (2 years), so the northern lights trip is paid off within 2 years.
What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.
Planning to chase the northern lights? With a Bajaj Finance Personal Loan, you can borrow Rs. Rs. 40,000 to Rs. Rs. 55 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.
