Template for custom post with custom taxonomy

It seems from the OPs answer that the problem was not to do with the template, but using an incorrect url.

To get the link of a taxonomy term you can use get_term_link():

  <a href="https://wordpress.stackexchange.com/questions/51240/<?php echo get_term_link($term,"product_category')?>"><?php echo $term->name; ?></a>

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