Finnish smartphone maker Nokia has a slew of Windows Phone smartphone offerings like the Lumia 920, Lumia 820, Lumia 620, and Lumia 510 to name a few, which cater to all budgets. Now, the company has launched the Nokia 505 in Mexico and a video of the phone's unboxing has popped up online on YouTube.

Nokia announced the budget friendly Lumia 505 earlier in December 2012 and the device is exclusive to Mexican carrier Telcel. The Lumia 505 is a variant of the low-end Lumia 510.

Making carrier-specific variant of its Lumia smartphones is not new for Nokia. The company made the Lumia 810 and the Lumia 822 variants of the Lumia 820, for T-Mobile and Verizon, respectively.

The Lumia 505 unboxing video on YouTube is courtesy the Mexican carrier Telcel. The 6-minute long video shows the new phone in action, along with all the accessories that come in the package.

The Lumia 505 packs in a 3.7-inch AMOLED display, an 8-megapixel rear-facing camera (which does not boast Carl Zeiss technology), a 1300mAh battery, and 4GB of on-board storage. The Lumia 505 runs on Windows Phone 7.8 and comes with 256MB of RAM.

There's no front-facing camera on this device, which is surprising, considering that these days even entry-level smartphones feature front-facing camera for video chats.

The Lumia 505 is priced at 3,499 Mexican pesos (approximately $277) and is available in red, black, and pink.

Check out the Lumia 505 in action in the video below.