We investigate the influence of field ramp rate on the kinetics of magnetic dipole-dipole induced chainlike structure formation in a nonaqueous nanoparticle dispersion using light scattering studies. With increase in magnetic field, at a constant ramp rate, the transmitted light intensity diminishes and the transmitted light spot is transformed to a diffused ring due to scattering from the self-assembled linear aggregates. The decay rate of transmitted intensity increases up to an optimum ramp rate, above which the trend becomes reverse. At an optimum ramp rate, the minimum time for initial aggregation coincides with the exposure time where the intensity decay is fastest. The variation of transmitted intensity at different ramp rate is explained on the basis of initial aggregation time that depends on Brownian motion, dipolar magnetic attraction and multibody hydrodynamic interactions. The slope of the transmitted light intensity after the removal of magnetic field depends on the time required for dissociation of ordered linear structures. Disappearance of the ring pattern and the reappearance of original light spot, upon removal of the magnetic field, confirm the perfect reversibility of the linear aggregates. The observed concentration dependant decay rates are in good agreement with aggregation theory.