If we create one more non-clustered index on a column which already have one in SQL server, what Would be the effect of that?
Yes, you can do it. But either more index on a column or use of non-clustered index in a table, may be give decrease the performance.
Effect is judge at run-time based on your search condition.
http://logicalread.solarwinds.com/duplicate-indexes-and-sql-server-performance-nh01/#.VWP8JUaWvQA
SQL Server: multiple index for the same columns performance
Create more than one non clustered index on same column in SQL Server