Jaywant was born in Mumbai (then Bombay) in 1926.
She is first cousin to actress Shobhna Samarth, the mother of actresses Nutan and Tanuja). Shobhna’s mother, actress Rattan Bai, was a sibling of Nalini’s father. Since 1983, she has been living mostly a reclusive life.
She was married to director Virendra Desai in the 1940s. Later, she married her second husband, actor Prabhu Dayal, with whom she acted in several movies