Yeah your rate limit seems to be good. Can you also check the following points.

1. Use the Databricks-specific name (e.g., databricks-bge-large-en), not the Hugging Face model name. Check in Serving → Endpoints.
2. Validate Payload Format
{ "input": "text to embed" }
3. Test via Databricks UIUse Query endpoint in the Serving page. If that works, issue is client config.