I can made a contract in English, later you can get in translated in to Bengali. 

1) contract should contain a clause that loan of Rs 5 lakhs would be repayed in 2 years 

2) that borrower shall give cheque  for repayment of loan 

3) that borrower authorises you to present cheque on due date 

4) in event of dishonour of cheque he will be liable to repay loan with 18 per cent interest rate 

1 Let it be a clean loan agreement without mentioning anything about your interest in the stated project.

2. Let there be  mortgage of a property of the said Imam for securing the loan.

3. For creating equitable mortgage, the Imam shall have to deposit the original title deed of a immoveable property, may be the school for which you are providing the said loan.

4. There shall have to be a loan agreement also in the instant matter.

Dear Client,

When drafting a contract for this loan arrangement, it's important to be clear and precise to avoid any misunderstandings later on. Here's a basic outline of the contractual conditions you can include:

1. Clearly state the loan amount (5 lakh rupees) and the repayment terms (within 15 months).
2. Specify whether there will be any interest charged on the loan. If there is, clearly outline the interest rate and how it will be calculated. If there is no interest charged mention it.
3. Provide a repayment schedule detailing when and how the borrower will make payments. This could include monthly, quarterly, or lump-sum payments.
4. Define penalties or consequences for late or missed payments. This could include additional interest, forfeiture of collateral, or any other agreed-upon penalties.
5. If the loan is secured by any assets or collateral, describe them in detail.
6. Specify that the borrower will have full autonomy over the institute's operations, including financial management, hiring, and curriculum.
7. Ensure that the borrower agrees to comply with all applicable laws and regulations related to operating an educational institute.
8. Outline the consequences if the borrower defaults on the loan, including any legal actions you may take to recover the outstanding amount.
9. Include a clause outlining how any disputes will be resolved, whether through arbitration, mediation, or legal action.
10. Specify the governing law of the contract, which would likely be Indian law in this case.

Additionally, you may have to consider having the contract translated into Bengali by a qualified translator to ensure clarity and understanding by both parties.

Here are the options considering you want your principal amount back in full within 15 months, without any interest or profit:

Options with Repayment Guarantee:

1. Direct Loan with Promissory Note: This is a simpler option. You provide a loan of 5 lakh rupees to the Imam. However, unlike a traditional loan, you won't charge interest. A promissory note is a legal document signed by the Imam acknowledging the debt and promising repayment within a specific timeframe (15 months in this case). This document can be helpful if there's a need to enforce repayment through legal means, though it's best to avoid this scenario.

2. Security Deposit: This option involves framing the 5 lakh rupees as a security deposit for the institute's proper establishment and adherence to your initial vision. A legal agreement would outline the terms of the deposit, including its purpose (starting the institute) and the repayment timeframe (15 months). Upon successful establishment and operation for 15 months, the 5 lakh rupees would be returned to you.

Important Considerations:

• Legal Agreements: For both options above,, draft a watertight agreement that protects your interests and ensures the Imam understands the repayment obligations.

• Guarantor: Consider having a guarantor (another trusted person) co-sign the agreement. This provides an additional layer of security in case the Imam is unable to repay.

Alternative Option with Risk Mitigation:

• 
  Staggered Grant: Instead of a lump sum, consider providing the funds in stages. An initial amount can be provided to kickstart the institute. Subsequent tranches can be released based on achieving pre-defined milestones (e.g., enrollment targets, completion of specific facilities). This approach offers some control over how the funds are used and reduces the risk of losing the entire amount upfront.

Remember: While these options offer some safeguards, lending money always carries inherent risk. Carefully evaluate the Imam's credibility and his ability to repay within the timeframe.

By discussing these options with the Imam , you can choose the approach that best balances your desire to support the institute with protecting your principal amount.

Arunkumar Khedia

Advocate Bombay HighCourt

- You should enter into an agreement with him after mentioning the all the conditions of repayment of loan 

- Further, for your safety , you can take singed cheque from him and also for the recovery of the amount. 

- You can take help of any local lawyer for preparing the said agreement. 

You can enter into a loan agreement with the terms that it is a hand loan without interest and the same to be returned within the period as stipulated in the loan agreement.

The agreement can be reduced to writing on a non judicial stamp paper.

You can contact any deed writer in the local and can get the deed drafted in Bengali language as desired. 

You can obtain a collateral security towards security for the loan amount.

The security may be any immovable property or a duly signed undated and blank cheque which can be utilised if the borrower fails to return the loan amount on or before the stipulated date. 

You cannot make any additions in signed document 

it amounts to material alterations of the contract 

Dear Client,

1. The initial contract should outline the terms of the loan, including the total amount, interest rate (if any), repayment schedule, and any other relevant terms. You can also specify that the loan will be disbursed in stages.
2. Within the contract, include a section detailing the disbursement schedule. This should outline the specific amounts to be disbursed at each stage, as well as any conditions that need to be met before each disbursement.
3. For each payment made by the borrower, you can create a section in the contract where both parties acknowledge the payment. This could include the date of payment, the amount paid, and any relevant reference numbers (e.g., check number, bank transfer reference). Both parties should sign and date each entry to acknowledge the payment.
4. It's also a good idea to provide the borrower with a receipt for each payment they make. This can be a separate document or part of the contract itself. The receipt should include the same information as the payment record section of the contract.
5. You can keep track of these records digitally or in physical form, depending on your preference. If using digital records, consider storing them securely online or on a password-protected device. If using physical records, keep them in a safe place where they won't be lost or damaged.

By including these elements in the contract, you'll have a clear record of each stage of the loan disbursement and repayment process. This can help ensure that both parties are on the same page and can help resolve any disputes that may arise.

- You can collect the amount in small payments from him after mentioning the date and mode of payments separately on a paper 

- This extra ledger must be signed by both the persons. 

- Further, in the agreement you should mention that this amount is given by you to him as friendly loan with a promise to refund the loan amount within a period of 15 months 

- Further , if not payment of entire loan amount , then you will have right to take legal action against him for the recovery of the friendly loan amount . 

You can either make a consolidated loan agreement having incorporated all the loan amount given on various dates and follow the other procedures as advised.