M.A

MA is a normal MA, as the syllabus is normal and you can find Guide and books easily for almost every subject.
MA (hons) it tougher then normal MA, as it have different syllabus and guides and books are not available for complete subject, even some book carry only 1 chapter in a book. so it become harder for student to complete course in given time. it is like researching on a subject.
But as in India when we talk about job, we like to recruit that person who had spend more time in study then other. so MA (Hons) get more preference in job then simple MA guy.

Yes, you are eligible for NET as you meet the eligibility criteria.

If you are planning to make your career in the field of teaching, than it is advisable to go for MA in English Literature. After completion of your PG in English, you can pursue Ph.D in your subject. It has great scope. Good English teachers are always in demand.

It actually depends in which area you want to build up your career. English is generally taken by those who want to pursue their career in the English language.

it depends on the field. For example, if you pursue your career in data analytics field, you can expect better package.

start teaching in any college