saisaaseda: Thanks, but sadly, this option isn't available. I guess it only shows up with DVI gadgets, my display only has a VGA cable :(
Not sure if that is the reason in your case, but from my past experience years ago at least with laptops, you have to be in a 4:3 resolution before the "keep aspect ratio" option appears in the graphics driver options. If you are in a resolution where it doesn't have to do any stretching (like 1280x720, 1366x768 or 1920x1080 on a 16:9 monitor), then the aspect ratio option is hidden or greyed out.
So, try to change your Windows desktop resolution to some 4:3 resolution like 1024x768, and see if that makes the aspect ratio option appear in your graphics driver options. If it does and you can change it, then you can change the desktop resolution back to whatever it was before. The aspect ratio option should come into effect whenever some game or you yourself change the resolution needing a different aspect ratio.
Or then it could indeed be about the connection that you use...
PS. Since your monitor has ONLY VGA input... what is its aspect ratio anyway? The last VGA only monitors I remember were probably 4:3 aspect ratio anyway, maybe 5:4 (like for the 1280x1024 resolution). It is not a CRT monitor, right? :)
Here is a good list of common resolutions and their aspect ratios, click on the picture on the page to enlarge it:
https://en.wikipedia.org/wiki/Display_resolution The resolutions are divided into different aspect ratios by their color coding.