Lateral entry

Yes, you can definitely join this college for B.Tech via lateral entry if you have completed Diploma in Engineering.

All the students getting admission to B.Tech course through lateral entry (i.e. after Diploma), will get the same course completion and degree certificate as other regular students i.e. after PUC or plus two. Hence, there is no disparity in degrees obtained by them.

Admission through lateral entry in Karnataka State is being done Only through KEA (Karnataka Examination Authority) and Diploma CET is a must. Hence, the fee for Lateral Entry students will be only as fixed by Govt. of Karnataka plus College Fee.

Yes, of course, you can do this. You are eligible for the same. Please apply for admission in any good college. You can use you work experience in your college life. You can join B.Tech.
Good luck

Yes, MJRPU offers lateral entry. Even some of my friends are pursuing it from there.

For admissions in B.Tech as lateral entry, you must have completed Diploma in related branch. Also, you will have to give state entrance exam if you want a good college in state.

You can go through the official website of the respective college where you get the option for lateral entry in B.Tech.
If you want to get admission in B.Tech lateral entry after diploma, then you will be in the 2nd year of B.Tech directly with the same branch as you had in your diploma.
There are different criteria for all the colleges which take in students on the basis of the score you obtained in diploma.
Hope this answers your question.
All the best.
Thank You.

Jobs + lateral entry two years will be a better option for sure, as it would save your precious 1 year of your career.