I am looking at an option in Word where I can load the templates which I have prepared through the Tab/Ribbon.

I have already created and customized the tab, titled "Templates" in Word. From this tab, I want the templates to be available for the users to choose from, OR a command that will open the file or folder where the templates are saved.

Is there such functionality in Word?

Thanks in advance for the help.

Yes, this can be done.

First, if this is for multiple users, I recommend that the customization be done through XML modification with vba rather than using the Modify the Ribbon command in the user interface. Customize the Ribbon (It doesn't take rocket science) by Greg Maxey
The template holding the modifications should be loaded as a Global Template. This method makes distributing the custom ribbon much easier. Even if it is just for yourself maintenance will be much easier doing direct XML editing.

Second, the templates should be stored in the Workgroup Templates folder. That makes it easy for your ribbon to access templates on different computer systems by simply referencing the Workgroup Templates folder as a base.

Third, you should use dynamic menus in your Ribbon rather than individual macros for each template. That way, when you add or delete a template the ribbon will change automatically. Dynamic Ribbon Menu by Greg Maxey
Here is a screenshot from such a Ribbon tab. The items listed in the menus are the filenames for the templates. I also use empty templates to act as divider lines in the menus. There are also individual buttons for certain templates.