If you take admission through the lateral entry you will be promoted to the second year of the course. This saves one year in the graduation course.
The eligibility criteria for lateral entry are different from that of regular admission. While taking admission into a course, a student needs to fulfill the minimum requirement for the course. For diploma holders, they should have completed their diploma in a particular course. However, for a 12th passed student, they should have completed their 12th class from the required subjects