I'm currently moving from Salesforce and it would be nice if we can create one email template that we can then use for Contacts and Leads. Right now in Zoho, even if we want to send the same email, we need to create two templates.

In Salesforce, you can create one template for both and they handle the merge fields that way, so you know which field is common to contact and lead and you can use accordingly. 

Would it be possible to implement something similar?

Thank you.