Took loan but unable to pay and bank sent notice for recovery

I've taken a loan of 4 lakhs from sbi for education (2013-15). Couldn't secure a job untill mid 2016. Also, the start up I joined was closed in Jan 2017. Was unemployed again for 2 months. Also had health emergency in the family. Owing to all these I could pay only about 50k of th loan amount. The bank has sent a notice. Spoke to the branch manager and I was told regularise the amount of 2lakhs within 5 days failing which a court notice would be served - I would be charged 10k rs for these as well. Could you please let me know the rights/ options I have at this stage? I am willing to pay about 40k rupess to the bank for the next 4 months atleast. Thanks in anticipation.