Blender is the primary tool used by NWN content creators for models. This is because the 3dsMax and older GMax tooling is now severely out of date in some regards.
Note that Blender isn't particularly useful for editing emitters and VFX; although to be honest 3dsMax isn't much better, and in both cases ASCII editing by hand may be preferred.
Get Blender here: https://www.blender.org/
Get Neverblender, the main plugin for working with MDL files, here: https://neverwintervault.org/project/nwn1/other/tool/neverblender-28
You'll also usually want Clean Models: EE to decompile existing models properly: https://neverwintervault.org/project/nwnee/other/tool/clean-modelsee
Blender addons for game asset workflow.
Free:
Paid - recommended to wait for sale periods for them to be made cheaper:
See the Tutorials page for a list of Blender and modelling tutorials. Even if the tool isn't blender (eg it's for 3dsMax) you may still find useful information.