Apple will be holding an event next month and the 4-inch iPhone is one of the expected devices to be unveiled on the occasion. The iPhone 6c/5se is expected to hit the market shelves in silver, space gray and bright pink colors.

According to a previous report, Apple Inc. is nearly ready to expose the details about its first product event of the year. Some reports suggest the Cupertino-based company will be holding a special media event on March 15 wherein a budget iPhone, an iPad Air 3, and a Watch update could debut.

The budget-friendly iPhone, which was previously dubbed as the iPhone 6C and now iPhone 5se, is the speculated successor to the colorful, 4-inch iPhone 5C. This device has been in the rumor mill for quite some time now and finally, it might reveal itself during the March event.

MacRumors claimed that Apple's rumored iPhone 5se may arrive in silver, space gray, and a pink shade that is different than the Rose Gold of the iPhone 6s. The site compares the new shade of pink to that of the seventh-generation iPod Nano and sixth-generation iPod touch- a deep pink that is more vibrant than the Rose Gold iPhone 6s.

The space gray, silver, and bright pink are an odd lineup, so there's a huge probability that Apple will include other color options. It can be remembered that first iPhone 6c/5se rumors pointed towards a brighter color lineup for the device. But later speculations have indicated that it will be available in the traditional Silver, Space Gray, and Gold colors.

As for the features and specifications, Mashable reported that the iPhone 6C/5se is predicted to have the curved glass display. It may be armed with an A8 chip and 8-megapixel camera like the iPhone 6, which is a slight downgrade from the A9 chip and 12-megapixel camera found in the 6S. This device will likely come with a barometric sensor, support Apple Pay with NFC, and be able to shoot Live Photos.  However, it won't have support for 3D Touch.

If the release of the iPhone 6C/5SE happens in Apple's March 15 event, this handset will likely go on sale this April at $450, the same price as the iPhone 5S.