Lloyd is unsure whether he will stay in the race.
The Lampre-ISD rider fell in the neutral zone, before the official start of stage eight, and had to nurse himself through the 157.5km from Belfort to the Swiss town of Porrentruy.
French rider Thibaut Pinot (FDJ-Big Mat) won the hilly stage with a solo break, while Cadel Evans (BMC) finished second at 28 seconds.
Evans’ main rival Brad Wiggins (Sky) was fourth and retained his 10 second Tour lead ahead of the defending champion.
The pair will have a massive duel in the stage nine individual time trial.
Lloyd was nursing his right elbow as he spoke briefly outside the Lampre-ISD team bus.
“The structure of the roundabout I hit, I wasn’t familiar with,” he said.
“I jumped up onto it, but the back wheel hit it and that was it.
“That was even before the start.
“After that, I just basically waited until some other guys were dropped and found a group with (Mark) Cavendish.
“I knew that was going to be the most comfortable way to get to the finish without doing anything.”
As he went to a team car for the trip to a local hospital, Lloyd was unsure about the extent of his elbow injury.
“Now we’ll just go and get some x-rays on my elbow to see if it’s snapped – but highly unlikely,” he said.
“I don’t know yet (whether he continues in the Tour), it depends on the x-rays.”
There are a record 12 starters from Australia in this year’s Tour and all are still in the race, despite a succession of crashes during the opening week.