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I dont have the booklet that came with this Craftmaster 7.2v cordless drill. I am not sure of time to charge the battery but I assume it should be at least 3 hours or more. Is this correct?

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It is going to depend on a couple factors - how deeply the battery is discharged, the temperature of the battery, and the condition of the battery itself. I'd just leave it on the charger until the charge light goes off.

For other battery tips including some notes on charging, see this post.

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Please don't perpetuate Ni-Cad myths. Unless you happen to have your Ni-Cads on a satellite that charges them just so much in the sunshine and then uses just this other amount when the sun is out of sight, Ni-Cad memory is mostly a myth, and more NiCads are harmed by people "trying to drain them fully" than ever had a memory issue... batteryuniversity.com/learn/article/memory_myth_or_fact –  Ecnerwal Apr 27 at 21:23
    
@Ecnerwal The article you link doesn't claim NiCads don't develop memory - in fact the opposite. It just says that it isn't irreversible: "Recondition restores NiCd batteries with hard-to-remove memory." –  Comintern Apr 27 at 21:34
    
It also does not suggest total discharge every time you charge - every 1-3 months, at most. –  Ecnerwal Apr 28 at 1:34
    
@Ecnerwal Fair enough, edited. –  Comintern Apr 28 at 1:42
    
Plus the other evil that's worse than memory, most people believe in the memory mystery because they've left the Ni-Cds on the charger so long the batteries overheated and vented the water out of their electrolyte. Of course they fail when that happens. Over-charging has killed more NiCd batteries than memory ever did. Non-smart wallwart chargers being talked about here, the new ones with the charge cycle to trickle chipset don't do that. –  Fiasco Labs May 28 at 4:36
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