Hariharasudhan,
The easiest way to do load balancing will be to use PPP Multilink configurations on either end of the E1s. These would be seen and treated as a single interface and the IP address would be assigned to the one, logical Multilink interface. See Cisco Document ID: 10380 for more info.
There are also ways to load balance with routing protocols, but this get more complicated and in-depth. Cisco Document ID: 5212 does discuss this in quite a basic form but would be a good starting place.
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