This phone has 3.0 inch QVGA touch screen with screen resolution of 320×240 pixels display with hardened glass. It is runs on Nokia Asha platform with Swipe UI.
It is powered by 1 GHz of processor along with 512 MB of RAM which is enough for entry level phone. At back it has 3.2 MP camera. It has Nokia Fast Lane multi-tasking screen which allows you to navigate to recent apps very easily.
It has a battery which supports 17 hours of talktime and up to 48 hours of standby. It comes with Nokia Xpress browser which can compress data upto 90% which result minimum data cost. For connectivity it supports Wifi and Micro USB, and FM Radio, it misses 3G.
It comes pre-loaded with apps like Facebook, FourSquare, Twitter, LinkedIn, Nimbuzz and so on. It also has 40 free EA games. It has 128 MB of internal memory and comes with a 4GB micro SD card out of the box.
Nokia has also partnership with Facebook which allows you to surf Facebook on Asha 501 for free for lifetime. This same device is also listed on Flipkart but for Rs. 5,299. This device is expected to be shipped in first week of July.