how can we use multiple variables in single for loop in shell script?

Maybe you actually want:

while IFS='|' read -r i j rest <&3; do
  {
    printf '%s\n' "something with $i and $j"
  } 3<&-
done 3< "$INPUTFILE"

But using a shell loop to process text is often the wrong way to go.

Here, it sounds like you just need:

awk -F '|' '{print $1 ":" $2}' < "$INPUTFILE"

Now as an answer to the question in the title, for a shell with for loops taking more than one variables, you've got zsh (you seem to already be using zsh syntax by not quoting your variables or not disabling globbing when splitting command substitution):

$ for i j in {1..6}; do echo $i:$j; done
1:2
3:4
5:6

Or the shorter form:

for i j ({1..6} echo $i:$j

The equivalent with POSIX shells:

set -- 1 2 3 4 5 6
## or:
# IFS='
# ' # split on newline
# set -f # disable globbing
# set -- $(awk ...) # split the output of awk or other command
while [ "$#" -gt 0 ]; do
  echo "$1:$2"
  shift 2
done

You'll need multiple loops if you want to iterate over more than one variable, like for i in 1 2 3; do for j in a b c; do ...; done; done. when the list of things to iterate over is the output of a another command, you'll need to wrap that other command in $().

bash allows for loops with more than one variable, but only in C like syntax:

for ((i=0,j=10;i<=j;i++,j--))
do
   echo "i=$i"
   echo "j=$j"
done