Distance/Correspondence

As such, there is no set eligibility criteria set by GMAC, the body conducting GMAT for appearing for the GMAT exam. However, one should always meet the eligibility criteria set by the university/college one aspires to get into after giving the GMAT. Age criteria
The candidate must have completed 18 years of age
There is no upper age limit of the candidate
If the candidate is between 13 to 17 years old, they should have permission in writing from their parents or legal guardian
Educational qualification
GMAC has not announced any official statement regarding qualification required to appear for GMAT
Candidates who wish to enroll for an MBA programme should possess a graduate degree in any discipline from a recognised university.

Regular degree is better and valuable than the distance one. Regular degree helps you better understanding the course as the lectures will be on a regular basis and doubts also got cleared in the classroom. Also, the regular course helps you get job placement but not in distance. If one has time then I will recommend you to go for Regular one. But be sure you take a regular degree from the right college. If you want any suggestions for college then let me help you. There is a college Dr C. V. R. U. in Bilaspur (https://www.cvru.ac.in/) which is the best college as I can say this with my personal experience. This college has the best infrastructure and the most experienced faculty. And the college management also focuses on co-curricular activities which help in the personality development of the student. Also, the college fees are average and comes under the budget of medium class family. It also provides regular and distance course
One must visit CVRU Bilaspur before taking admission in any college.

No, MBA is better when you done it from regular college. In college when you attend regular lectures, participate in all co-curricular activities, prepares for mock interview then MBA could be a good investment. But the only thing matters is the college from where you pursue an MBA. College plays the most important role in MBA. PGDM is also more valuable and enhance your skills when done regularly. The best college for MBA in my known is Dr. CVRU Bilaspur (https://www.cvru.ac.in/). The college also focuses on education and as well as personality development. Mock Interviews preparation is also good and helps a lot in cracking interviews as I can say this with my personal experience.