This paper presents an enhanced internal model control (EIMC) scheme for a time-delayed second order unstable process, which is subjected to exogenous disturbance and model variations. Even though the conventional internal model control (IMC) can provide an asymptotic tracking response with desired stability margins, the major limitation of conventional IMC is that it cannot be applied for an unstable system because a small exogenous disturbance can trigger the control signal to grow unbounded. Hence, modifying the conventional IMC structure to guarantee the internal stability, we present an EIMC scheme which can offer better trade-off between setpoint tracking and disturbance rejection characteristics. To improve the load disturbance rejection characteristics and attenuate the effect of sensor noise, we solve the selection of controller gains as an H∞ optimization problem. One of the key aspects of the EIMC scheme is that the robustness of the closed loop system can be tuned via a single tuning parameter. The performance of the EIMC scheme is experimentally assessed on a magnetic levitation plant for reference tracking application. Experimental results substantiate that the EIMC scheme can effectively counteract the inherent time delay in the model and offer precise tracking, even in the presence of exogenous disturbance. Moreover, by comparing the trajectory tracking performance of EIMC with that of the proportional integral velocity (PIV) controller through cumulative power spectral density (CPSD) of the tracking error, we show that the EIMC can offer better low frequency servo response with minimal vibrations.