diff --git a/erpnext/loan_management/doctype/loan/test_loan.py b/erpnext/loan_management/doctype/loan/test_loan.py
index e2b0870c322..11627af53dc 100644
--- a/erpnext/loan_management/doctype/loan/test_loan.py
+++ b/erpnext/loan_management/doctype/loan/test_loan.py
@@ -1052,6 +1052,7 @@ def create_loan_type(
 				"company": "_Test Company",
 				"loan_name": loan_name,
 				"is_term_loan": is_term_loan,
+				"repayment_schedule_type": "Monthly as per repayment start date",
 				"maximum_loan_amount": maximum_loan_amount,
 				"rate_of_interest": rate_of_interest,
 				"penalty_interest_rate": penalty_interest_rate,
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index b3099644780..dc9e11af6f5 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -370,7 +370,16 @@ erpnext.patches.v13_0.job_card_status_on_hold
 erpnext.patches.v13_0.add_cost_center_in_loans
 erpnext.patches.v13_0.show_india_localisation_deprecation_warning
 erpnext.patches.v13_0.fix_number_and_frequency_for_monthly_depreciation
+<<<<<<< HEAD
 erpnext.patches.v13_0.reset_corrupt_defaults
 erpnext.patches.v13_0.show_hr_payroll_deprecation_warning
 erpnext.patches.v13_0.create_accounting_dimensions_for_asset_repair
 execute:frappe.db.set_value("Naming Series", "Naming Series", {"select_doc_for_series": "", "set_options": "", "prefix": "", "current_value": 0, "user_must_always_select": 0})
+=======
+erpnext.patches.v14_0.remove_hr_and_payroll_modules # 20-07-2022
+erpnext.patches.v14_0.fix_crm_no_of_employees
+erpnext.patches.v14_0.create_accounting_dimensions_in_subcontracting_doctypes
+erpnext.patches.v14_0.fix_subcontracting_receipt_gl_entries
+erpnext.patches.v14_0.migrate_remarks_from_gl_to_payment_ledger
+erpnext.patches.v13_0.update_schedule_type_in_loans
+>>>>>>> 679b5ed551 (chore: Add patch to update repayment schedule type in loan documents)
diff --git a/erpnext/patches/v13_0/update_schedule_type_in_loans.py b/erpnext/patches/v13_0/update_schedule_type_in_loans.py
new file mode 100644
index 00000000000..e5b5f643604
--- /dev/null
+++ b/erpnext/patches/v13_0/update_schedule_type_in_loans.py
@@ -0,0 +1,14 @@
+import frappe
+
+
+def execute():
+	loan = frappe.qb.DocType("Loan")
+	loan_type = frappe.qb.DocType("Loan Type")
+
+	frappe.qb.update(loan_type).set(
+		loan_type.repayment_schedule_type, "Monthly as per repayment start date"
+	).where(loan_type.is_term_loan == 1).run()
+
+	frappe.qb.update(loan).set(
+		loan.repayment_schedule_type, "Monthly as per repayment start date"
+	).where(loan.is_term_loan == 1).run()