I am very new to git and I am trying to exclude some folders during a Pull. TFS had "Cloak" which allowed me to NOT fetch cloaked files/folders from server. Is there a similar functionality in Git?
You can use a sparse checkout. Sparse checkouts allow you to specify a pattern for what files should be added to your working tree during the checkout process.
It's not exactly equivalent to cloaking in TFVC, but it's probably close enough for your purposes.