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Are all borrowers charged the same rate for a particular loan?

No, although banks have their standard interest rates per loan product. Banks look at your risk assessment results to determine if they need to raise your interest rates or shorten your repayment term.

Risk assessment is when banks look at your chances to default based on your employment background or some other factor. For example, some banks that accepts BPO applicants may raise their rates because of BPO employees tendency of non-repayment due to constant turn-over or jumping from one company to another.

This general tendencies are taken into account when deciding whether to lend you the money and if they will have to give you a higher interest rate.

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