The incorporation of information and communications technology (ICT) in teaching and learning processes has created new challenges for administrative and academic processes in educational institutions. This paper proposes an E-Learning Tools Acceptance Model (eLTAM) with the purpose of examining the level of acceptance and critical factors of virtual learning tools among university students in developing countries. The methodology involved the application of a self-administered questionnaire to 1032 undergraduate students from three different Higher Education Institutions in Colombia. A confirmatory factor analysis was developed to determine the relation between the set of observed variables and latent variables or factors, defined under the E-Learning Tools Acceptance Model (eLTAM). Results confirm a strong relation between the Perceived Usefulness factor and the variables of Instructor Preparation and Autonomy in Learning, as well as between the Ease of Use factor and the Perceived Self-Efficacy Perception variable. It is concluded the instructor preparation, learning autonomy and perception of self-efficacy are the main factors affecting the adoption of e-learning tools for university students in the studied population.