Banks and moneylenders are just 2 available options for getting a personal loan. Which is a better option? Well, this question depends on what situation you are in.. If you need a loan urgently, a licensed moneylender can disburse loans to you on the same day itself.
By getting a loan from the bank, they offer lower interest rates as they have a lower cost of funds therefore offering lower interest rates. However, getting a loan approval from banks might take serveral days and would require a list of extensive documents.