Five newly isolated lactic acid bacteria were identified as Weissella cibaria, Enterococcus faecium, and three different strains of Lactobacillus plantarum by 16S rRNA sequencing. Essential probiotic requirements of these isolates such as tolerance to phenol, low pH, high sodium chloride, and bile salt concentration were checked. Efficiency in adherence to mucin and hydrophobicity of the bacterial cell were also evaluated by in vitro studies. Antimicrobial activities against some pathogens were tried, and the sensitivity of these strains against 25 different antibiotics was also checked. Further studies revealed Weissella and Enterococcus as substantial producers of folic acid. Folate is involved as a cofactor in many metabolic reactions, and it has to be an essential component in the human diet. The folate level in the fermented samples was determined by microbiological assay using Lactobacillus casei NCIM 2364 as indicator strain. The three strains of L. plantarum showed significant inhibitory activity against various fungi that commonly contaminate food stuffs indicating their potential as a biopreservative of food material.