Yes 3 in 1 oil would be good to use.
Attic fan motor oil.
To check if there s enough oil in the fan take a pipe cleaner and fold the end over 1 2 inch to.
How to lubricate electric fan motors.
It is excellent for smaller electric fan motors because it helps to reduce friction when there is a moving surface.
An electric fan is no different.
Then slowly pour 1 2 ounces of oil into the oil hole.
There is a bearing on each end of the motor.
To oil a ceiling fan use a non detergent electric motor oil which is safe to use with an electric motor.
You should oil the motor bearings.
The bottom one is under the very center silver spot in your photo and the other is where the shaft enters the motor on the top side.
They are in the very center where the fan shaft goes.
You can make an electric fan last longer if you simply lubricate the motor on a regular basis.
Before you add the oil clean off the fan and oil hole using an all purpose cleaner.