First off, let’s be clear that you need a business model whether you’re going to a bank or investor or not! It’s your business’s blueprint, and not having it will get you into trouble later.
Secondly, a business plan is, simply said, a more thought out business model. It’s usually a Word document that comprises everything from your business vision, basic information, to market and competitor analysis’s and figures and projections for at least the next 3 years.
You will definitely need it if you want to raise money from a bank or an investor. You might want it to help you figure out the nuts, bolts, and figures for your business out yourself.