I am wondering how to add time field in sharepoint list which will allow users to enter time.
Is this possible in SharePoint? If Yes, How can I achieve this?
This is not possible by OOTB. But there are many possible ways to achieve it. Along with the link shared by @ganesh in the comment above, you can try these couple of ways mentioned below:
Using Date & Time field and Calculated Column
Create a Date & Time column and a Calculated column with the formula:
=TEXT([Date column name],"hh:mm AM/PM")
Use time picket ui on your page which can allow user to enter time. In you code behind (js code), while entering data into SharePoint, you can append the time to a date and then add this data to the Date Column. The time which user added will be seen in the Calculated column.
Using number fields and Calculated column
Create 2 number fields (1 for hours and other for minutes) and specify min and max value according to the field (0-24 for hours and 0-60 for minutes). Create a calculated field with the formula:
=[Hours Column]&":"&[Minutes Column]