This brief discusses the convergence analysis of proportional navigation (PN) guidance law in the presence of delayed line-of-sight (LOS) rate information. The delay in the LOS rate is introduced by the missile guidance system that uses a low cost sensor to obtain LOS rate information by image processing techniques. A Lyapunov-like function is used to analyze the convergence of the delay differential equation (DDE) governing the evolution of the LOS rate. The time-to-go until which decreasing behaviour of the Lyapunov-like function can be guaranteed is obtained. Conditions on the delay for finite time convergence of the LOS rate are presented for the linearized engagement equation. It is observed that in the presence of line-of-sight rate delay, increasing the effective navigation constant of the PN guidance law deteriorates its performance. Numerical simulations are presented to validate the results.