In an LR circuit, time constant is that time in which current grows from zero to the value (where I0 is the steady state current)
0.63 I0
0.50 I0
0.37 I0
I0
Current at any instant of time t after closing an L-R circuit is given by I=I0I-e-RLt
Time constant, t=LR
∴I=I0I0-e-RL×LR=I01-e-1=I01-1e
=I01-12.718=0.63I0=63% of I0