Hi John,
That was a good one.
I used the below and it worked for me.

gzcat ananda.txt.gz | sqlldr userid=ananda/ananda control=ananda_ldr.ctl log=input.log errors=10000000 bad=input.bad readsize
=2500000 rows= 50000 bindsize=2500000.

gzcat will not unzip but read the contents of the file and sqlldr will load each record read.

Regards
aandkl