E-Learning is the most popular open learning multimedia modality of delivering education and training. It is used for enhancing learning opportunities and facilitating student access and success in education. It offers a multimedia environment which supports interactive communication where the users have full control of their learning. The state of being ready for E-learning i.e. E-learning Readiness (ELR) is an essential condition which determines whether the students, faculty members and educational institutions can successfully embrace it or not. To determine the ELR, the research available on ELR claims that various factors like "Technological Readiness, Psychological Readiness, Content Readiness, Infrastructure Readiness" etc. determine ELR. Before considering E-learning as a feasible option to deliver education in higher education (HE), it becomes vital to examine and measure these factors. Hence the main objective of the present study is to explore about the factors of E-learning and also to explore the indicators to measure these factors. The study concludes that the indicators in technological readiness should measure participants' technological skills, their competence and knowledge on E-learning technology and they should measure the advanced technological skills of the participants rather than just their basic ICT skills. The indicators of psychological readiness should measure mental preparedness, views & opinions and attitude towards E-learning of both students and faculties. For Infrastructure readiness, the indicators in this dimension should rate the ICT infrastructure in the institution/organization. Moreover, the indicators in Pedagogical readiness should measure the knowledge of faculties to utilize various E-learning based teaching strategies.