Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has now officially announced the company’s new affordable phone, and latest entry to its Asha lineup – the Asha 501. The company launched this new phone at an event in New Delhi, India.

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The Nokia Asha 501 is the first fruit by Nokia after the company bought Smarterphone, back in November 2012. This new Asha phone is capable to do much more than its predecessors, all thanks to the technology from Smarterphone. Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) isn’t ditching its old OS – S40, but instead uses the same OS to make more affordable phones, and perhaps even compete with other platforms like Android.

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The phone is available in two variants – the single SIM or dual-SIM variant. Regardless the model that you buy, there’s no 3G connectivity on the Nokia Asha 301. This means users will need to use the slow 2G speeds, but the phone is equipped with WiFi which should be able to provide high-speed internet to users.

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has preloaded its Xpress browser on this device, which is capable of compressing up to 90 percent. It uses cloud technology to reduce data usage by compression and makes it faster and easier for people to get online. Facebook and Twitter apps come preloaded with the phone. Users will get 40 free EA games which they can download and keep forever from the Nokia Store.

With this phone, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is introducing a new redesigned user interface, split in two sections – first is the traditional icon based list of menu items, and other is referred as Fastlane. This so called Fastlane provides a quick and easy way to access up to 50 of the most frequently used apps and items.

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Nokia Asha 501 Specifications

Talking about the specs, then the Nokia Asha 501 comes with 3-inch capacitive LCD touchscreen with a resolution of 240 by 320 pixels. The phone is powered by a 1GHz processor and 512MB of RAM. There’s a 3.2MP camera on the back capable of taking low resolution photos and videos, with no flash and auto-focus.

Surprisingly, the phone is capable to provide 17 hours talk time and up to 48 days of standby with the 1200mAh battery. Connectivity-wise, you get Bluetooth and WiFi. Internal storage is limited, but there’s a microSD card slot for expanding memory up to 32GB. A 4GB card is provided in the package to satisfy your storage needs. The phone weights 98 grams and has a thickness of 12.1 millimeters.

Since this is a feature phone, it won’t impress us by its specs. But the phone is targeted towards budget conscious consumers and towards emerging markets. The phone will be available in a variety of colors such as bright red, bright green, cyan, yellow, white and black.

As it was announced in India, the phone is expected to be first launched in India, and then to the world, excluding North America before the end of Q2. Pricing is set at $99, excluding taxes and subsidies.