Take a look at the following link...specifically IP Ultra Monitor 2000. I have used this before to monitor interface and it was free. There are several other monitor utilities on this site as well. Expensive version would be Whats Up Gold.
The answer to your question is if you are connected via telnet to the router you could issue the terminal monitor command and you would get screen notifications if an interface went down. It will tell you if either the line or protocol goes down.
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