The estimation of the visual stimulus-based reaction time (RT) using subtle and complex information from the brain signals is still a challenge, as the behavioral response during perceptual decision making varies inordinately across trials. Several investigations have tried to formulate the estimation based on electroencephalogram (EEG) signals. However, these studies are subject-specific and limited to regression-based analysis. In this paper, for the first time to our knowledge, a generalized model is introduced to estimate RT using single-trial EEG features for a simple visual reaction task, considering both regression and classification-based approaches. With the regression-based approach, we could predict RT with a root mean square error of 111.2 ms and a correlation coefficient of 0.74. A binary and a 3-class classifier model were trained, based on the magnitude of RT, for the classification approach. Accuracy of 79% and 72% were achieved for the binary and the 3-class classification, respectively. Limiting our study to only high and low RT groups, the model classified the two groups with an accuracy of 95%. Relevant EEG channels were evaluated to localize the part of the brain significantly responsible for RT estimation, followed by the isolation of important features.Clinical relevance - Electroencephalogram (EEG) signals can be used in Brain-computer interfaces (BCIs), enabling people with neuromuscular disorders like brainstem stroke, amyotrophic lateral sclerosis, and spinal cord injury to communicate with assistive devices. However, advancements regarding EEG signal analysis and interpretation are far from adequate, and this study is a step forward.