Educational loan not paid on time - Doubt as a Guarantor

One of my known person borrowed an educational loan for Rs. 4.6 L and my dad who was a bank employee then signed as a guarantor under the impression that he will pay off the EMI on time without any defaulting. Now, since he did not pay back the loan, they had sent advocate notice to guarantors also. I understood from them (borrower) that they have not agreed yet on any extensions with the bank even after receiving Legal advocate notice. The notice says that they have to pay 7.16 L within 5 days from the date of receipt of notice. I feel it is not going to happen. Now, I would like to know : What will happen to guarantor if, 1. They (Borrower) are not paying the loan amount within stipulated time as mentioned in notice ? 2. Since the guarantor has a pension + deposit account in the same bank - will there be any problems faced to him ? Pension and deposit is his only livelihood and hard earned money. 3. The borrower is employed in a firm and failed to pay it on time. Can the bank set up easy clearing process from his salary account to loan account ? 4. Is it possible to quit as guarantor from this loan ? Any feedback will be of great help. Thank you.