diff --git a/erpnext/loan_management/doctype/loan/loan.json b/erpnext/loan_management/doctype/loan/loan.json
index 196f36f..ef78a64 100644
--- a/erpnext/loan_management/doctype/loan/loan.json
+++ b/erpnext/loan_management/doctype/loan/loan.json
@@ -32,6 +32,8 @@
   "monthly_repayment_amount",
   "repayment_start_date",
   "is_term_loan",
+  "accounting_dimensions_section",
+  "cost_center",
   "account_info",
   "mode_of_payment",
   "disbursement_account",
@@ -366,12 +368,23 @@
    "options": "Account",
    "read_only": 1,
    "reqd": 1
+  },
+  {
+   "fieldname": "accounting_dimensions_section",
+   "fieldtype": "Section Break",
+   "label": "Accounting Dimensions"
+  },
+  {
+   "fieldname": "cost_center",
+   "fieldtype": "Link",
+   "label": "Cost Center",
+   "options": "Cost Center"
   }
  ],
  "index_web_pages_for_search": 1,
  "is_submittable": 1,
  "links": [],
- "modified": "2022-01-25 16:29:16.325501",
+ "modified": "2022-03-10 11:50:31.957360",
  "modified_by": "Administrator",
  "module": "Loan Management",
  "name": "Loan",
diff --git a/erpnext/loan_management/doctype/loan/loan.py b/erpnext/loan_management/doctype/loan/loan.py
index b798e08..0fe9947 100644
--- a/erpnext/loan_management/doctype/loan/loan.py
+++ b/erpnext/loan_management/doctype/loan/loan.py
@@ -25,6 +25,7 @@
 		self.set_loan_amount()
 		self.validate_loan_amount()
 		self.set_missing_fields()
+		self.validate_cost_center()
 		self.validate_accounts()
 		self.check_sanctioned_amount_limit()
 		self.validate_repay_from_salary()
@@ -45,6 +46,13 @@
 				frappe.throw(_("Account {0} does not belongs to company {1}").format(frappe.bold(self.get(fieldname)),
 					frappe.bold(self.company)))
 
+	def validate_cost_center(self):
+		if not self.cost_center and self.rate_of_interest != 0:
+			self.cost_center = frappe.db.get_value('Company', self.company, 'cost_center')
+
+		if not self.cost_center:
+			frappe.throw(_('Cost center is mandatory for loans having rate of interest greater than 0'))
+
 	def on_submit(self):
 		self.link_loan_security_pledge()
 
diff --git a/erpnext/loan_management/doctype/loan_interest_accrual/loan_interest_accrual.py b/erpnext/loan_management/doctype/loan_interest_accrual/loan_interest_accrual.py
index 1c800a0..f6a3ede 100644
--- a/erpnext/loan_management/doctype/loan_interest_accrual/loan_interest_accrual.py
+++ b/erpnext/loan_management/doctype/loan_interest_accrual/loan_interest_accrual.py
@@ -6,7 +6,6 @@
 from frappe import _
 from frappe.utils import add_days, cint, date_diff, flt, get_datetime, getdate, nowdate
 
-import erpnext
 from erpnext.accounts.general_ledger import make_gl_entries
 from erpnext.controllers.accounts_controller import AccountsController
 
@@ -41,6 +40,8 @@
 	def make_gl_entries(self, cancel=0, adv_adj=0):
 		gle_map = []
 
+		cost_center = frappe.db.get_value('Loan', self.loan, 'cost_center')
+
 		if self.interest_amount:
 			gle_map.append(
 				self.get_gl_dict({
@@ -54,7 +55,7 @@
 					"against_voucher": self.loan,
 					"remarks": _("Interest accrued from {0} to {1} against loan: {2}").format(
 						self.last_accrual_date, self.posting_date, self.loan),
-					"cost_center": erpnext.get_default_cost_center(self.company),
+					"cost_center": cost_center,
 					"posting_date": self.posting_date
 				})
 			)
@@ -69,7 +70,7 @@
 					"against_voucher": self.loan,
 					"remarks": ("Interest accrued from {0} to {1} against loan: {2}").format(
 						self.last_accrual_date, self.posting_date, self.loan),
-					"cost_center": erpnext.get_default_cost_center(self.company),
+					"cost_center": cost_center,
 					"posting_date": self.posting_date
 				})
 			)
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 13f0e7b..ebda805 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -357,4 +357,5 @@
 erpnext.patches.v13_0.update_accounts_in_loan_docs
 erpnext.patches.v14_0.update_batch_valuation_flag
 erpnext.patches.v14_0.delete_non_profit_doctypes
-erpnext.patches.v14_0.update_employee_advance_status
\ No newline at end of file
+erpnext.patches.v14_0.update_employee_advance_status
+erpnext.patches.v13_0.add_cost_center_in_loans
\ No newline at end of file
diff --git a/erpnext/patches/v13_0/add_cost_center_in_loans.py b/erpnext/patches/v13_0/add_cost_center_in_loans.py
new file mode 100644
index 0000000..25e1722
--- /dev/null
+++ b/erpnext/patches/v13_0/add_cost_center_in_loans.py
@@ -0,0 +1,16 @@
+import frappe
+
+
+def execute():
+	frappe.reload_doc('loan_management', 'doctype', 'loan')
+	loan = frappe.qb.DocType('Loan')
+
+	for company in frappe.get_all('Company', pluck='name'):
+		default_cost_center = frappe.db.get_value('Company', company, 'cost_center')
+		frappe.qb.update(
+			loan
+		).set(
+			loan.cost_center, default_cost_center
+		).where(
+			loan.company == company
+		).run()
\ No newline at end of file