Business

FOB vs CIF: What Are The Differences?

Soumava Goswami

Business Dec 29, 2023

FOB vs CIF: What are the differences between the two? – There are many differences between CIF and FOB. However, there is one principal difference. In FOB, the seller gives up responsibility for the goods once they are loaded onto the ship. However, in a CIF agreement, the seller has the responsibility for the goods until they reach the destination port. After that, the buyer assumes responsibility.

FOB vs CIF: A General Overview Of Shipping Agreements

According to Investopedia,

“Cost, insurance, and freight (CIF) and free on board (FOB) are international shipping agreements used in the transportation of goods between buyers and sellers. They are among the most common of the 11 international commerce terms (Incoterms), which were established by the International Chamber of Commerce (ICC) in 1936.”

Although the definitions of FOB and CIF differ with countries, both contracts contain details on origin and destination information. These data help in determining the beginning and end of liabilities. Apart from that, these pieces of information also outline the responsibilities of both buyers and sellers based on scenarios.

What Is Free On Board (FOB)?

Under the free-on-board (FOB) agreement, the supplier of the product does not take responsibility for the goods after they go into the shipping vessel. Hence, the supplier pays only for the transport of the good to the port and onto the vessel. As a result, the seller of the product has limited responsibilities for the goods under the contract.

After the goods go into the ship, the buyer of the product takes on the responsibility of the goods. The buyer takes full responsibility once the voyage starts. This includes transport, insurance, and other added fees. The buyer also pays for the unloading of the goods.

What Is Cost, Insurance, And Freight (CIF)?

Sellers use this technique mostly during large deliveries, especially for oversized goods that they ship by sea. The seller of the good takes responsibility for the good until it is delivered to the buyer’s port. The buyer assumes full responsibility for the goods as soon as it reaches the destination port.

Hence, if there are extra costs after the good reaches the destination port, the buyer will need to take responsibility for the same. After the payment, the transport service transfers the documentation for the goods over to the buyer.

FOB vs CIF: Major Pros And Cons

According to an article on Alibaba.com,

“With a CIF agreement, the seller is liable for the goods during transit, and with a FOB, the buyer is liable for the goods during transit. […] Generally, FOB is considered a more cost-effective approach. This is because buyers can make more cost-effective decisions about the shipment, such as buying the minimum insurance policy or going with a lower-cost freight company since they are in control.”

The following are the major pros and cons of FOB and CIF that you must know:

Pros And Cons Of Free On Board (FOB)

Here are the major pros of FOB that you will benefit from:

The buyer of the product has more control over the delivery process.
It is possible for the buyer to make various cost-effective decisions in some cases.
The seller does not have to take responsibility for added costs.

Here are the major cons of FOB that you need to be aware of:

Since the buyer has more responsibilities, the individual will need to deal with added costs if necessary.
If the goods are damaged during transit, the seller is not responsible for that. This might send the buyer into an absurd situation.

Pros And Cons Of Cost, Insurance, And Freight (CIF)

Here are the major pros of CIF that you will benefit from:

The seller has more control over the goods delivered to the customer.
Also, the buyer of the product has little to no responsibility when it comes to the delivery of the product.
The buyer gets a more seamless experience with the CIF process. As a result, the delivery process is less stressful for the buyer.
As the buyer is getting more convenient with this process, it gives the seller a certain advantage over its competitors.

Here are the major cons of CIF that you need to be aware of:

The seller has to take full responsibility for the damage to goods in transit.
Buyers of the product have little to no control over the cost of the delivery process.
There can be additional costs for sellers. This raises the costs of the goods at the time of delivery.

FOB vs CIF: Which Is The Best One To Buy?

During international shipping, most companies opt for either Free on Board (FOB) or Cost, Insurance, and Freight (CIF) agreements.

According to Investopedia,

“Inexperienced buyers typically prefer CIF, which places much of the shipping responsibility on the seller, including shipping costs, insurance, and freight to the destination port, while giving the buyer greater convenience. However, because the seller takes on more risk and responsibility, CIF often comes with a higher cost.”

Basically, in CIF, the seller of the product takes care of almost everything up to the final delivery at the destination port of the buyer.

On the other hand, the ones that have enough experience in international shipping tend to prefer FOB. This is because they have more control over the goods in this case. When the goods leave the ship, the responsibility for the goods goes to the buyers. The seller considers the goods as delivered once they clear the goods for export and load them onto the shipping vessel.

Apart from that, the FOB also offers flexibility over logistical details. These are to learn the needs of the buyer and to lower the costs since the seller cannot negotiate directly with shipping companies.

On a side note, the scale and expertise of the company also determine the choice between FOB and CIF.

Wrapping Up

FOB vs CIF: Hope this article was helpful enough to provide accurate information. You can see from the article that, in general, sellers choose FOB more than CIF. However, if it is a big item and you want to have more control as a seller, choose CIF. Consider sharing your ideas and opinions with us in the comments section below.

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Soumava Goswami

Inspired by The Social Network, Soumava loves to find ways to make small businesses successful – he spends most of his time analyzing case studies of successful small businesses. With 5+ years of experience in flourishing with a small MarTech company, he knows countless tricks that work in favor of small businesses. His keen interest in finance is what fuels his passion for giving the best advice for small business operations. He loves to invest his time familiarizing himself with the latest business trends and brainstorming ways to apply them. From handling customer feedback to making the right business decisions, you’ll find all the answers with him!

Balistrieri

April 27, 2024 at 8:15 am

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Elon Musk Takes Over Twitter for $44 Billion – What’s Known So Far?

Elon Musk set another milestone by acquiring Twitter on Monday; the Social Media giant, from now on, will be headed by Tesla CEO Elon Musk. The Tesla head again proved himself to be the best by acquiring the social media giant Twitter on Monday. Now the world can witness the innovation of a genius Elon Musk when he works with Twitter. It’s time for us to see something great and something big in the upcoming years from the social networking site. https://twitter.com/elonmusk/status/1518677066325053441 What’s The Deal All About A Short Briefing? On Monday, Twitter agreed to sell itself to Elon Musk, Worth $44 billion. The deal has the potential to expand the billionaire's business empire and put the world in charge under the wealthiest and most innovative person in the world right now, Elon Musk. Some of the critical points of the deal to get a better insight into it:- Twitter’s biggest shareholder will be from now on is Elon Musk, with the potential to deliver better returns from its investments. Under this deal, each old and existing shareholder of Twitter will receive $54.20 in cash on each share of the Twitter stocks. Elon clearly stated that he is looking forward to working with this company and unlocking the potential of this company to deliver quality services to its clients and users in the times to come. Elon Musk is also ready to deliver $46.5 billion in financing to Twitter shareholders to make their life easier. Wrapping It Up All the shareholders and users of Twitter are now hoping to witness some of the innovative features in Twitter to make things work well in your way. The world will witness a change in the social media sites to deliver quality services to its users. Let’s all witness the change in the social media world. Also Read: BNKU Stock: MicroSectors US Big Banks Index 3X Leveraged ETNsTUI Share Price Forcast: Everything You Should KnowPooCoin Stock Forecast: Everything You Should Know

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You must not make your choices in grey while improving your business. Frequently Asked Questions(FAQs) [su_accordion class=""] [su_spoiler title="1. What Are The Impact Of COVID-19 Pandemic On the World Economy?" open="yes" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]The impact of the COVID-19 pandemic on the world economy is huge. Some have suffered a lot, while some have improved a lot. But it will take some time for you to recover from the damage.[/su_spoiler] [su_spoiler title="2. When Was The COVID-19 First Discovered?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]In mid-December 2019, the COVID -19 pandemic was discovered in the Wuhan city in the Hubai province of China. After that, it has spread to 215 countries of the world.[/su_spoiler] [su_spoiler title="3. How Much Time Will Industries Take To Recover From This COVID-19 Situation?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]It will take a minimum of 2-4 years for the industries to recover from the COVID -19 situation and gain traction; it will help your business grow in the right direction.[/su_spoiler] [su_spoiler title="4. Will, The Growth Rate Of Industries Will Be Faster Or Slower?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]The industries’ growth rate will be slower in the first quarter of 2022, and if no further attacks of this pandemic occur, the growth rate will be faster.[/su_spoiler] [su_spoiler title="5. Which Industries Will Grow At A Faster Pace Post-Pandemic?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""] The are several industries that will grow faster post-pandemic; some of the names are as follows:- E-commerce. Digital Marketing businesses. OTT platforms. Teletherapy. Telecommuting Tech. Ed-tech industry.[/su_spoiler] [/su_accordion] Read Also: Why Create A Powerful Business Continuity Plan? What Is Network Marketing And How To Do It In 2021 How To Start A Business In 2021 – Best Business Strategies

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Home Credit: Information, Eligibility Criteria, Interest Rates, Review & More

If you are looking for quick and instant personal loans, you must download the Home Credit app on your smartphone and explore the platform. The starting rate of interest on a Home Credit Personal Loan is 2% per month. Furthermore, you can get a loan amount of up to 5 lakhs and also get a loan tenure of up to 51 months. The best part about HomeCredit Finance is that you will get personal loans within a matter of minutes after your document verification is done. In this article, we will mainly discuss the various loan-related features of Home Credit, its rate of interest, the eligibility of the borrower, and customer reviews. Hence, read on through to the end of the article to get fully informed. Home Credit – General Information If you want to avail of loans from the Home Credit platform, you will need to show your documents to the lenders on the platform. 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Home Credit – Personal Loan Highlights And Loan Features The following are the major highlights that will give you a better idea of the loan features of the Home Credit personal loan platform: Home Credit Personal LoansLoan AmountUp to ₹5 lakhsFor existing Home Credit BorrowersMinimum: ₹10,000Maximum: ₹5,00,000For new Home Credit BorrowersMinimum: ₹25,000Maximum: 2,00,000Rate of Interest On Loan2% per month onwardsLoan Tenure- For existing Home Credit Borrowers: 9 months to 51 months- For new Home Credit Borrowers: 6 months to 48 monthsMinimum Income to Avail Loan₹10,000Loan processing fees 0% to 5% of the PrincipalForeclosure feeNoneFlexible Personal Loan Processing Fees2.5% of the loan amountHome Credit India Address (Home Credit office near me)DLF Infinity Towers, Tower C, 3rd Floor, DLF Cyber City Phase II, Gurgaon-122002, IndiaHome Credit customer care number Delhi+91 - 124 - 662 – 8888 (Between 9:00 AM - 6:00 PM, All Days)Emailgrievanceofficer@homecredit.co.in Home Credit – Late Payment Charges (Personal Loan) Annualized PercentageStarts From 24%Number of days due1 day30 days60 days90 days120 days150 days180 daysLate Payment Charges₹350₹450₹550₹750₹750₹750₹750Total Late Payment Charges₹350₹800₹1350₹2100₹2850₹3600₹4350 Home Credit – Eligibility And Required Documents The followings are the eligibility and the required documents needed at the time of availing loans from Home Credit: Eligibility- If you want to avail of loans from Home Credit, you must fulfil the below-mentioned eligibility: Must be a citizen of India Must be either of the three: Salaried employee, Self-employed individual, or pensioner. Must be aged between 19 to 68 years. Must have an active bank account. At least 90 have passed since the last Home Credit loan application. Required Documents- The following are the documents you need to have for verification of Home Credit personal loans: PAN Card Address Proof: Voter ID Card/ Driver’s License/ Property Tax Receipt/ Passport Government House Allotment Letter. How To Download Home Credit App? The following are the steps you will need to follow to download the Home Credit Loan App on your smartphone from Google Play Store: Step 1: Open Play Store on your Android smartphone. Step 2: On the search bar, type “Home Credit.” Tap on the “Home Credit: Loan App” option. (You can also apply for Home Credit loans by going to the following website: https://www.homecredit.co.in/en/home) Step 3: Tap the install button, and then let the download and installation process take place. Step 4: Once the Google Home Credit app is installed on your smartphone, you can start the app and then do a Home Credit loans login to get access to the variety of loan options. Home Credit – Top Borrower Reviews The following are some of the interesting reviews by Home Credit borrowers that must be helpful for you: “WORST EXPERIENCE WITH HOME CREDIT . THESE GUYS IRRITATE THE CUSTOMERS AND DEDUCT AMOUNT REGULARLY FROM BANK ACCOUNT. FORCED FOR THE VALUE ADDED SERVICES AND DONT REFUND AMOUNT. I REQUESTED TO ALL OF U PLEASE DON'T TRUST ON HOME CREDIT FINANCE.” BY :- JITENDRA MEENA “DON'T TAKE ANY KIND OF LOAN , SERVICES BAD , HIDDEN CHARGES , INTEREST PERCENTAGE VERY HIGH., AND CUSTOMER SERVICE REPRESENTATIVE VERY POOR CATEGORY.” BY :- bagderahul04 “I LIKED HOME CREDIT MINI CASH LOAN OPTION VERY EASY PROCEDURES. I TAKEN MINI CASH LOAN FROM HOME CREDIT FOR MY SON SCHOOL FEES ON THAT IT'S REALLY HELPS ME. I GOT 2 DAYS DELAY TO GET CREDIT BUT REALLY HAPPY WITH HOME CREDIT. I THINK THIS IS THE FIRST FINANCE GIVEN THIS TYPE EASY PROCEDURE TO GET LOAN. THANKU” BY :- MANJU6431 “I HAVE PURCHASED 2 MOBILE PHONES THROUGH HOME CREDIT INDIA WITH ZERO DOWN PAYMENT. ONLY A SMALL AMOUNT OF PROCESSING CHARGES. MINIMUM DOCUMENTS REQUIRED FOR THIS. AND THEY ALSO PROVIDE A SMALL FINANCE OF RUPEE 10000 FOR IMMEDIATE EMERGENCY. IT WILL BE AVAILABLE QUICKLY.” BY :- NEENU1234 Summing Up As you have seen from the reviews of Home Credit in this article, the reviews related to the Home Credit app are mixed. However, you can also read popular reviews of Home Credit loan borrowers. If you see any hidden charges on the loan you are taking, ensure that you ask for full information. Make sure to read every piece of information related to the loans properly before you avail yourself of the loan from Home Credit. Although the app looks genuine, and the platform is certified, the borrower reviews say it all. Have you taken loans through the Home Credit app? 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FOB vs CIF: What Are The Differences?