New Delhi, Sept. 4 -- If you are planning to raise a personal loan from a lender, there are plenty of options to go around. One could reach out to a bank, an NBFC, or even a fintech app.

And in case you are in a dilemma whether you should raise apersonal loan from a bank or from afintech app, we have listed out a number of key differences that borrowers should be aware of.

I.Processing Speed: Banks generally have a slower loan approval process. These may take a few days for manual verification and documentation. Fintech apps provide faster approval within minutes or hours, using automated systems and digital processes.

II.Cost and fees: Banks tend to charge higher fees, includingprocessing fees, prepayment penalties, along maintenance ...