ODBC Error for Oracle Client 12.2.0.1
After bashing my head for a good while, I could make the ODBC 32 bits run. It was the VC ++ 2013 Redistributable.

My install is version 12.2.0.1.0. I can't believe how stupidly hard it is to get the simple ODBC. You must uncompress the Instant CLient plus ODBC in the same folder and then manually install VCRedist to get this running. GEEEZ.

UPDATE:
Adding a few extra details on my exact steps:

Download Oracle Instant client from the download portal:
https://www.oracle.com/database/technologies/instant-client/downloads.html

Make sure you download the version that you need: X64 or X32. NOTE: DO NOT MIX THE x64 and X32 folders!!!

After you choose the x64 or x86 version, you will be presented with a huge list of packages. You want to make sure you scroll down to the proper version, in my case, it was 12.2.0.1.0.

You must download 2 packages:


Basic Package 
ODBC Package


If you are installing x32 and x64, you must then download 4 packages:


Basic Package x32
ODBC Package x32
Basic Package x64
ODBC Package x64


Then, download and install VCredist 2010 and VCredist 2013. Here is a good resource to download them, for x32 you must install x32 bits VCRedist.
https://www.itechtics.com/microsoft-visual-c-redistributable-versions-direct-download-links/

Then, you must uncompress the Basic and ODBC package in the same folder. DO NOT MIX x32 and x64, you must create separate folders if you are going to install both bit parity versions.

Then, open CMD as administrator, navigate to your uncompressed folder and run odbc_install.exe.

Then go to ODBC Datasources (Start menu, type ODBC) and add a new DSN, you will be presented with the Oracle ODBC screen.
Here is a tutorial to create the DSN:
http://dba.fyicenter.com/faq/oracle/Define-DSN-with-ODBC-Manager.html

That's it! the key part here is the VCRedist, if you don't have it, you will have the error stated by the Original Poster.

I hope this helps.