There is absolutely no loss. If its a decently managed fund, no matter at what price you buy it should give yield.
Take out of your mind that one has to buy at NFO period. Its not true.
Its just that these MF companies, inorder to raise their assets, do great advertizements during the launch. And of course the font size of end date increases as end date approaches. And these large sized end dates leave and impression in our mind that we missed something. But with respect to MF, one can hardly miss.
Yes. SIP would be a safe option (Note more safer, less profitable. But SIP does have a good balance).
Depending on how much you would like invest per month of your savings you could decide the SIP amount. I would suggest keep it low, as this is a new fund, Lets watch it for 6-9 months. Then you could increase/decrease SIP amount.
Consider some proven existing funds as well if you are new to MF.
-Arun