I'm planning to use the same nameservers used by my old webhost for my domain name in ispconfig. How long will it take for the transfer to take place? I heard that it would take up to 24 hours, is this true? Could it take like a few min in some cases?
yes. Yes. But this does not depend on systems that are under your control, it depends on the dns seervers of the internet access providers all over the world. The only thing that you can do is to set a low ttl for your dns records a few days before you want to switch the nameserver.