I'm taking a big risk here?

Depends on a lot of factors - if you're from Pune or Mumbai. Whether you have other options for law schools providing similar exposure, if yes, go for for others.

Honestly, not worth it. Better to spend one lakh and enroll in a good coaching/test series for a year to get a higher rank in CLAT/AILET and crack a top 5-6 NLU. There atleast there's a minimal job assurance if you're even a half-decent student.

No... If it was Jindal, I'd say still consider. If you want to take loan the only three with a good RoI are Medical, Engineering and MBA. Rest your choice.