Bank issues a notice against a jobless man.

I am a jobless man from Chennai. I was working in a Pvt Company now job less since Sept 2013. I had signed as a Guarantor for my Ex-Colleague for a Loan in a Nationalized Bank. for a Loan of Rs.4.0lacs. He had committed suicide last month. Now the bank had sent me a notice. (am yet to receive the Notice) Even i had taken a loan from the same bank for Rs.1.0 Lac. Still i had to pay Rs,33000/- which is due ever since i am jobless. How to go about? Kindly advise.