I know how to check the status of the previously executed command using $?, and we can make that status using exit command. But for the loops in bash are always returning a
The status of the loop is the status of the last command that executes. You can use break to break out of the loop, but if the break is successful, then the status of the loop will be 0. However, you can use a subshell and exit instead of breaking. In other words:
for i in foo bar; do echo $i; false; break; done; echo $? # The loop succeeds
( for i in foo bar; do echo $i; false; exit; done ); echo $? # The loop fails
You could also put the loop in a function and return a value from it.