Does Coolpad Note 3 support OTG?

Yes, Coolpad Note 3 supports OTG functionality. You will not get OTG cable out of the box. You can buy one for few bucks. It will help you to connect your external storage devices to your smartphone. I will personally prefer you to install ES File Explorer because it really simplifies your file browsing tasks.

The Coolpad Note 3 offers USB OTG functionality out of the box. You can connect your external drives to the device and view the files stored on them on your smartphone. Please note that the file format on the drive should be supported by your phone. If not, you may need to format the drive to the required format. Take care to backup your files before doing so.

@Joy and Timmappa, Do I need to choose OTG Cable of any specific brand? Can you suggest some good cable with low cost?

In the official website of Coolpad, i.e in coolpadindia.com, they have not mentioned about OTG cable for the model Coolpad Note 3. In some other sites, it is given that it supports microUSB v2.0.
So, that is indicative enough that Coolpad Note 3 model is most probably not having an OTG cable support.

CoolPad Note 3 has MicroUSB 2.0. And it does support OTG functionality. You can use it for both charging as well as for data transfer too.

Find specification info here: http://www.gsmarena.com/coolpad_note_3-7655.php

As for your another question in reply.

OTG Cable follows MicroUSB standard. So you don't have to purchase any specific brand. Any brand would do. Most of the connection wires that you see in the market are made by Samsung, Panasonic and Philips. There are few other Chinese brands too. It has no difference on the performance as long as the connection points are designed as per specification 2.0. Branded one will only be expensive and offer nothing extra ordinary being a simple wire for data and power.

@Karthikeyan,
In response to your specific query about the branding of the USB OTG cable, practically any brand should do. But, go for some branded one rather than opting for a substandard cable you may find at the local stores. Though the branded ones cost you more, they will have better life and functionality.

@Anwesha,
No manufacturer provides the USB OTG Cable in the sales package. The lack of the cable cannot be a reason for the lack of functionality. You will need to get the cable as a separate accessory.