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Months after months of endless rumors, Apple finally has unveiled its long awaited budget iPhone – iPhone 5C. This is the first time Apple has announced a cheap iPhone.

Earlier we heard a lot of rumors about the iPhone 5C with possible specifications, design and color options. But now Apple has disclosed all the details of this budget iPhone. Apple has mentioned that  iPhone 5C packs A6 processor, 4-inch Retina display and 8 megapixel iSight rear camera. Besides, its battery is slightly bigger than iPhone 5 and there’s a new FaceTime HD camera at front.

iPhone 5C also supports more LTE bands than any other smartphone. It has dual-band Wi-Fi and Bluetooth 4.0 too. Apple has announced that 16GB iPhone 5C will cost $99, while 32GB will cost $199. No matter which option you chose, you have to sign a two-year contract.

Apart from this, Apple confirmed that iPhone 5C will be available in five different colors: Blue, Green, Pink, White and Yellow. The casing is made from hard-coated polycarbonate and each costs $29.