Background: Shift from medical education to online mode during the coronavirus pandemic started without much preparation. Students’ perception is vital to further improve online medical education. Objectives: This study aimed to assess undergraduate medical students' perception of online education and conduct factor analysis of responses to identify latent variables. Methods: This descriptive cross-sectional online survey was conducted among the phase II undergraduate medical students. A structured questionnaire was mailed to 200 randomly selected students. Variables collected were demographics (age, sex, residence, and mother language), academic profile, and perception of online education. Outcome measures were frequencies, percentages, and the degree of agreement to given statements about online education. Factor analysis was done by principal component analysis with varimax rotation to identify latent factors. Results: Analysis was done for 115 completed questionnaires. The mean age of the respondents was 21.2 yrs, with a male preponderance (82.6%). The students had low satisfaction with online classes and did not consider online education as effective as offline classes. Exploratory factor analysis identified three factors, including 'planning and delivery of online lessons', 'satisfaction with online education,' and 'opportunity to interact.' Conclusions: Online education was not as effective as in-person education. The reason was mainly changes in student-teacher interaction.