We present a comprehensive experimental study of magnetization and magnetocaloric effect (MCE) in double perovskite (DP) materials $R_2$NiMnO$_6$ with $R =$ Pr, Nd, Sm, Gd, Tb, and Dy. While a paramagnetic to ferromagnetic transition, with T$_{rm C}$ in the range $sim 100 - 200~$K, is a common feature that can be attributed to the ordering of Mn$^{4+}$ and Ni$^{2+}$ magnetic moments, qualitatively distinct behavior depending on the choice of $R$ is observed at low temperatures. These low-temperature anomalies in magnetization are also manifest in the change in magnetic entropy, $-Delta S_{M}$, whose sign depends on the choice of $R$. In order to understand these results, we present theoretical analysis based on mean-field approximation and Monte Carlo simulations on a minimal spin model. The model correctly captures the key features of the experimental observations.
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