Here\'s what I did:
instantclient-basic-nt-11.2.0.3.0.zip
I am using python35 64 bit and oracle express on win 7 (64 bit).
I installed cx_Oracle using pip3 (pip3 install cx_Oracle) instead of downloading the installer from pypi.
I faced the same problem.
I solved it by following above guidelines, but instead of 32 bit client, I downloaded the 64 bit version of the instant client (instantclient-basic-windows.x64-11.2.0.4.0.zip) from http://www.oracle.com/technetwork/topics/winx64soft-089540.html.
I then extracted it to c:\oraclexe. And added these environment variables
set ORACLE_BASE=C:\oraclexe
set ORACLE_HOME=C:\oraclexe\app\oracle\product\11.2.0\server
set PATH=C:\oraclexe\instantclient_11_2;%PATH%
And ran my django migrate commands:
python manage.py migrate
It worked excellent