If you thought the recently released Nexus 7 was the cheapest Android 4.1 Jelly Bean tablet around, guess again. India's Karbonn Mobiles just announced there's a new kid on the block, the Smart Tab 1.

With a surprisingly budget-friendly price tag of 6990 Indian Rupees (approximately $125), the Smart Tab 1 may be the cheapest tablet in its class.

Featuring a 7-inch screen, the tablet runs on a 1.2GHz single core MIPS processor with up to 32GB of expandable storage.

The tablet also features a 2-megapixel front facing camera, 3G dongle support and seven to eight hours of battery life. Although the Smart Tab specs pale in comparison to Google's Nexus 7, the $125 price tag may be quite appealing for anybody on a tight budget.

For more information on the Smart Tab 1, head on over to the Karbonn Mobiles product page.